§ Mr. RichardsTo ask the Chancellor of the Exchequer if he will estimate the revenue consequences of raising the basic rate of income tax in Wales to 25p in the pound. [17869]
§ Mr. Jack[holding answer 27 February 1997]: The latest available information is for 1994–95. The full-year yield of increasing the basic rate of tax by 1p under the 1994–95 tax regime and at 1994–95 income levels is £70 million.
§ Mr. RichardsTo ask the Chancellor of the Exchequer if he will estimate of the revenue raised by a 50 per cent. tax rate on incomes of £40,000 plus per annum in Wales. [17867]
§ Mr. Jack[holding answer 27 February 1997]: The latest available information is for 1994–95. The full-year yield under the 1994–95 tax regime and at 1994–95 income levels of introducing a new rate of 50 per cent. on taxable incomes above £40,000 is £30 million. The yield does not take account of any behavioural effects which might result from the introduction of the new rate of tax.
§ Mr. RichardsTo ask the Chancellor of the Exchequer if he will estimate the revenue consequences of raising income tax thresholds in Wales so that 30,000 people would be removed from income tax liability. [17871]
§ Mr. Jack[holding answer 27 February 1997]: The latest available information is for 1994–95. The full-year cost under the 1994–95 tax regime and at 1994–95 income levels of increasing non-aged and aged personal allowances by £330 is £70 million—this would have taken 30,000 taxpayers out of income tax.
§ Mr. LamontTo ask the Chancellor of the Exchequer if he will list the changes in the basic top rates of income tax over the last 30 years. [18144]
§ Mr. JackTables 1.5 and 1.10 of the 1996–97 "Tax Benefit Reference Manual" gives income tax rates for years 1967–68 to 1996–97, a copy of which can be found in the Library.
Proposed rates for 1997–98 are as follows:
408W
£ per annul Taxable income Rate of income tax percentage Up to 4,100 20 4,101–26,100 23 Over 26,101 40