§ Mr. David Howellasked the Chancellor of the Exchequer what would be the increase in tax revenue which would follow from raising the standard rate of income tax by (a) 2p and (b) 6p at current levels of income and with no changes in the income tax allowances and rates.
§ Mr. Robert Sheldon,pursuant to his reply [Official Report, 27th February 1976; Vol. 906, c. 391], gave the following information
About £730 million and £2,200 million respectively. For the 6p increase it has been assumed that the first £5,000 of taxable income would be charged at 41 per cent.