§ Dr. McDonaldasked the Chancellor of the Exchequer if, pursuant to the answer given on 27 February, Official Report, column 693, concerning current tax yields at 1978–79 rates, he will publish an updated table on direct revenue effects for 1986–87.
§ Mr. Moore[pursuant to his reply, 8 April 1986, c. 99]: The table shows the additional yield in respect of 1986–87 from the specified taxes if 1978–79 rates, allowances and rate bands (after indexation to 1986–87 levels) were substituted for 1986–87 rates, allowances and rate bands.
Additional yield from reverting to 1978–79 structure on 1986–87 tax base £ million Income tax 8,100 of which: Investment Income Surcharge 825 Rates and thresholds above the basic rate (excluding IIS) 1,485 Capital Transfer Tax/Inheritance Tax 185 Capital Gains Tax 650 In each case the 1986–87 tax base is taken as given, except that any increase in lifetime transfers as a result of their exemption is disregarded. It is not possible to determine to what extent changes in the taxes between 1978–79 and 1986–87 may have affected levels of income and transfers and disposals of capital.