HC Deb 05 July 1974 vol 876 cc307-8W
Mr. MacFarquhar

asked the Chancellor of the Exchequer (1) by how much he would have to raise the standard rate of income tax in order to raise £2,000 million in extra revenue;

(2) by how much he would have to raise the standard rate of income tax in order to raise £1,000 million in extra revenue;

(3) by how much he would have to raise the standard rate of income tax in order to raise £100 million in extra revenue.

Dr. Gilbert

In order to raise £100 million, £1,000 million and £2,000 million additional revenue in a full year it would be necessary on 1974–75 income levels to increase the basic rate of income tax by about ⅓, 3⅓, and 6⅔ percentage points, respectively.