HC Deb 19 April 1978 vol 948 cc164-5W
Mr. Lawson

asked the Chancellor of the Exchequer what would be the cost of reducing the basic rate of income tax from 34 per cent. to 30 per cent.

Mr. Robert Sheldon

, pursuant to his reply [Official Report, 14th April 1978] gave the following information:

About £1,475 million at 1978–79 income levels and on the basis of the allowances and tax rates proposed in the Budget Statement, including the lower rate band. If the lower rate band had not been introduced the cost would be very much greater: about £2,175 million.