§ Mr. David Mitchellasked the Chancellor of the Exchequer how much revenue would be lost per annum by reducing the maximum rate of income tax to 65 per cent., 60 per cent., 55 per cent., and 50 per cent, respectively.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 17th April 1975; Vol. 890, c. 145], gave the following information:
On the basis of the tax allowances and rates of tax proposed for 1975–76 the figures are as follows:
Maximum rates of income tax reduced and Full year cost per cent. £m 65 120 60 180 55 270 50 380 No change has been assumed in the rates of investment income surcharge.