§ Mr. Chapmanasked the Chancellor of the Exchequer what was the total yield from income tax in 1980–81; what is the estimated yield in 1981–82; and what is his, estimate of the reduced amount of revenue which would have been raised in the current financial year if the standard rate of income tax had been 25p, 26p, 27p, 28p and 29p in the £, respectively, and the additional revenue if the standard rate had been 31p, 32p, 33p, 34p and 35p Al the £, respectively.
§ Mr. RidleyReceipts of income tax including surtax, are estimated as follows:
£ million Adjusted for the effects of industrial action at the end of the year 1980–81 24,720 Forecast published in the Financial Statement and Budget Report 1981–82 (Table 19) 1981–82 28,205 The cost or yield for each of the following reductions or increases in the basic rate of income tax in a full year at 1981–82 income levels is:
£ million 1P 865 2p 1,730 3p 2,590 4p 3,455 5p 4,320