§ Mr. MacGregorasked the Chancellor of the Exchequer if he will estimate, for 1977–78 and 1978–79, the amounts of income tax raised at each of the rates in excess of 33 per cent.
§ Mr. Robert Sheldon,pursuant to his reply[Official Report, 11th December 1978; Vol. 960, c. 47],gave the following information
The available figures, which relate to estimated accruals of tax in the year as distinct from receipts of tax, are as follows:
Rate per cent Estimated yield 1977–78 £ million 1978–79 40 355 265 45 280 200 50 230 195 55 190 240 60 290 190 65 200 200 70 155 190 75 250 265 83 465 510 These figures are the full yield of tax at each of the specified rates.
§ Mr. MacGregorasked the Chancellor of the Exchequer to what level the higher rate of income tax bands would need to be raised to reflect the inflation that has taken place since April 1973; and what would be the cost of raising them accordingly.
§ Mr. Robert Sheldon,pursuant to his reply[Official Report, 11th December 1978; Vol. 960, c. 47], gave the following information:
On the basis of the change in the retail prices index between April 1973 and October 1978, the latest month for which a figure is available, the higher rate income tax thresholds would be as follows:
Rate per cent. Revalorised level £ 40 10,914 45 13,096 50 15,279 55 17,462 60 21,828 65 26,193 70 32,742 *75 43,656 *In 1973–74 there was no 83 per cent. band.
The estimated cost of an increase to these amounts would be about £495 million.