Income Tax

HC Deb 18 October 1976 vol 917 c323W

Mr. Gow

asked the Chancellor of the Exchequer what is his latest estimate of the yield of income tax during the current financial year.

Mr. Robert Sheldon

The estimate shown in Table 9 of the Financial Statement and Budget Report 1976–77 is £17,045 million. It is not the usual practice to publish revised figures until the next Financial Statement.

Mr. Gow

asked the Chancellor of the Exchequer what percentage of the yield of income tax in the current year is equivalent to the interest payable on Government debt.

Mr. Joel Barnett

The cost to the Consolidated Fund in this financial year of servicing the National Debt as estimated in the last Budget was 10–4 per cent. of the estimate of receipts of income tax. This figure excludes debt service financed by National Loans Fund receipts of interest on past loans, profits of the Issue Department of the Bank of England, etc.