HC Deb 24 July 1980 vol 989 c340W
16. Mr. Chapman

asked the Chancellor of the Exchequer what is the latest estimate of the yield of 1 per cent. standard rate of income tax; and 1 per cent. value added tax.

Mr. Peter Rees

The yield of 1p on the basic rate of income tax would be about £775 million in a full year. Increasing VAT by 1 per cent. to 16 per cent. would yield £620 million in a full year.