§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is his estimate of the revenue yield in the current financial year of a tax surcharge equal to 10 per cent. of unearned income.
§ Mr. Norman LamontIt is estimated that the direct revenue yield in a full year at 1988–89 levels of income of a 10 per cent. surcharge on investment income is £1.6 billion. The estimate takes no account of any behavioural changes that would follow the introduction of the surcharge. The estimate is based on a projection of the 1985–86 survey of personal incomes and is therefore provisional.