§ Mr. GibbTo ask the Chancellor of the Exchequer if he will list each of the possible direct tax rates for(a) individuals and (b) companies. [81705]
§ Dawn PrimaroloRates of tax are set to raise revenue, with due regard to the Government's stated objectives of raising productivity, increasing employment opportunity and building a fairer Society.
By April 2000 Income Tax rates will have reduced to 10p, 22p and 40p.By April 2000 Corporation Tax rates will have reduced to l0p, 20p and 30p.Rates of Capital Gains Tax (CGT) and tax on savings income are 20p and 40p.Inheritance Tax has a 40 per cent. rate.Rates of tax on dividends are 10p and 32½per cent.Levels of personal allowances, higher rates of allowances for pensioners, the new Children's Tax credit, CGT taper relief, capital allowances and Individual Savings Accounts (ISAs) are just some examples of measures which mean that actual tax paid by taxpayers is much lower, and even negative in some cases.