§ Mr. Jim Lesterasked the Chancellor of the Exchequer (1) what would be the increase in the standard rate of income tax if the total amount raised by the domestic rate 1974–75 were transferred to the Exchequer;
(2) what increase in VAT would be necessary if the total amount raised by the domestic rate in 1974–75 were raised by that means.
§ Dr. GilbertIt is estimated that net receipts from domestic ratepayers in 1974–75 will amount to some £1,140 million. To raise the same amount of revenue would require an increase in the basic rate of income tax or the standard rate of VAT of about 4 percentage points.