HC Deb 18 December 1987 vol 124 c843W
Mr. Harry Greenway

To ask the Chancellor of the Exchequer what has been the estimated increased yield from lowering the higher tax rate to 60 per cent.; and if he will make a statement.

Mr. Norman Lamont

I regret that it is not possible to isolate the effect of reducing the top rates of income tax, but the proportion of tax paid by the top 1 per cent. of taxpayers in 1978–79 (part of whose income was liable at rates of 60 per cent. or more) was 11.2 per cent. In 1987–88, the top I per cent. are estimated to pay 13.5 per cent. of the yield.

Mr. McAllion

To ask the Chancellor of the Exchequer what representations he has received seeking a reduction in the basic rate of income tax.

Mr. Norman Lamont

My right hon. Friend has received a number of representations.