Personal Taxation

HC Deb 07 July 1987 vol 119 cc81-2W

Mr. Tim Smith

asked the Chancellor of the Exchequer what would be the cost to the Exchequer of taxing income above the standard rate at 35 per cent. for the first £10,000, at 45 per cent. for the next £10,000, and at 50 per cent. for the remainder.

Mr. Norman Lamont

The full year cost at 1987–88 income levels is estimated to be about EH billion. This estimate makes no allowance for possible changes in the behaviour of taxpayers.