Income Tax

HC Deb 21 October 1987 vol 120 c791W

Mr. Harry Greenway

asked the Chancellor of the Exchequer what would be the cost to the Exchequer of reducing (a) the top income tax rate payable to 50 per cent. and (b) the basic rate of tax by 1 penny in the pound; and if he will make a statement.

Mr. Norman Lamont

The direct revenue costs, in a full year, at 1987–88 levels of income, of reducing the top rate