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Income Tax

Volume 890: debated on Monday 14 April 1975

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asked the Chancellor of the Exchequer what is the current annual yield of income tax; and what would be the yield of an increase in the standard rate of (a) 1 per cent., (b) 2 per cent. and (c) 3 per cent.

The estimated net receipt of income tax for 1974–75 shown in the November 1974 Financial Statement and Budget Report 1974–75 was £10,500 million. The provisional out-turn for the year will be published in the Financial Statement and Budget Report 1975–76 on Tuesday 15th April. The estimated yields at 1974–75 income levels from increasing the basic rate of income tax by 1p, 2p and 3p are about £300 million, £600 million and £900 million respectively.

asked the Chancellor of the Exchequer what was the amount of income tax collected in the last fiscal year.

The estimated net receipt of income tax for 1974–75 shown in the November 1974 Supplementary Financial Statement and Budget Report 1974–75 was £10,500 million. The provisional outturn for the year will be published in the Financial Statement and Budget Report 1975–76 on Tuesday 15th April.