§ Mr. Higginsasked the Chancellor of the Exchequer what he now expects the yield from income tax to be in 1977–78 compared with 1976–77 ; and how much of the reduction, if any, is due to the changes made in the last Finance Bill and the proposed changes he announced on 26th October, respectively.
Mr. Robert Sheldon,pursuant to his reply[Official Report, 7th November 1977 ; Vol. 938, c. 35],gave the following answer:
The current estimate of the yield of income tax in 1977–78, taking account of the proposals made by the Chancellor on 26th October, is £17,300 million. In 1976–77 it was £17,000 million. The changes in the Finance Act 1977 reduced the estimate of the yield in 1977–78 by £1,800 million, and the recent proposals by a further £970 million.