§ Mr. Tim Rentonasked the Chancellor of the Exchequer what would be the estimated loss of revenue to the Exchequer in the tax year 1976–77 of reducing the starting rate on tax to: (a) 30 per cent. and (b) 25 per cent.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 28th March 1977, Vol. 929, c. 38], gave the following answer:
The loss of revenue for 1976–77 from a reduction in the basic rate of income tax to the figures mentioned would be about (a) £2,150 million and (b) £4,300 million.