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Taxes

Volume 934: debated on Thursday 30 June 1977

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asked the Chancellor of the Exchequer whether he will bring up to date with further details the information as contained in the Official Report of 16th June with the actual tax, or average on 1st May 1974 and 1977 or on either date; and what was the total revenue raised by these taxes inclusive in 1974 and 1977.

The information requested on tax rates is as follows:

Rate(s) in force on 1st May
Tax19741977
Other
Vehicle Excise Duty (per year):
(a) Private cars£25£50
(b)Goods vehicles—general, etc.:
16cwt£30£50
5 tons£189£324
10 tons£459£824
National Insurance Surcharge (levied on employer in respect of employees' earnings)2%
Local Authority Rates (average rate poundages in England and Wales):
(a) Domestic39·4p60·8p
(b) Non-domestic52·0p80·2p
* The range of nominal Inland Revenue tax rates is shown where more than one rate is in force
† The Chancellor proposed, in his Budget Speech, a reduction of the basic rate of income tax to. 33 per cent. subject to a satisfactory agreement on the next round of the pay policy. Such a reduction would lead to a corresponding reduction in the lowest rate of CGT (on the alternative basis of charge) to 16½ per cent.
‡ The rates of Corporation Tax currently in force apply to profits of the financial year 1976 (i.e. the year ending 31st March 1977). The rates in force on 1st May 1977 of the financial year 1977 will be set in next year's Finance Act.
§ CTT applied to lifetime gifts only in 1974.
|| Except that for kerosene the duty was lp.
¶ Fuller details available in Customs and Excise Tariff.
The total revenue derived from these taxes was £25,116 million in the financial year 1974–75, and is estimated at £41,326 million for 1977–78. A more detailed breakdown of the revenue derived from the individual taxes is available in the relevant Financial Statement and Budget Reports.