Income Tax

HC Deb 22 February 1979 vol 963 c265W

Mr. Ian Stewart

asked the Chancellor of the Exchequer if he will estimate the cost of cutting the basic rate of income tax to 30 per cent. and eliminating the reduced rate band charged at 25 per cent.

Mr. Robert Sheldon

At 1978–79 income levels the full year cost is about £360 million.