HC Deb 06 July 1987 vol 119 cc18-9W
Mr. David Atkinson

asked the Chancellor of the Exchequer if he will list the lowest rates of income tax for Italy, Japan, West Germany, the United States of America and France.

Mr. Norman Lamont

The lowest nominal rates of national income tax for the countries concerned are:

per cent.
Italy 12.0
Japan 10.5
West Germany 22.0
United States of America 11.0
France 5.0

Mr. Hunter

asked the Chancellor of the Exchequer what would be the immediate revenue cost of abolishing the 60 per cent. tax band, thus making the maximum rate of tax 50 per cent.

Mr. Norman Lamont

I shall let my hon. Friend have a reply as soon as possible.

Mr. Hunter

asked the Chancellor of the Exchequer what would be the immediate revenue cost of abolishing the 60 per cent. and 50 per cent. tax bands, thus making the maximum rate 40 per cent.

Mr. Norman Lamont

I shall let my hon. Friend have a reply as soon as possible.

Mr. Harry Greenway

asked the Chancellor of the Exchequer if he has any plans to seek to reduce rates of income tax; and if he will make a statement.

Mr. Norman Lamont

As we said in our election manifesto, our aim is to cut income tax still further and reduce the basic rate to 25p in the pound as soon as we prudently can.