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Income Tax

Volume 929: debated on Monday 28 March 1977

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asked the Chancellor of the Exchequer (1) what was the estimated increased yield in personal income tax between 1975–76 and 1976–77 due solely to the effect of inflation on gross incomes;(2) what would be the estimated effect on personal tax yield if all individuals moved over to self-assessment; and what would be the saving in the Treasury's costs;(3) what would be the estimated loss of revenue to the Exchequer in the tax year 1976–77 of reducing the starting rate on tax to (

a) 30 per cent. and ( b) 25 per cent.