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Tax Yield

Volume 974: debated on Wednesday 21 November 1979

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asked the Chancellor of the Exchequer what would be the loss to the revenue if the standard rate of income tax was reduced to 27p in the pound, assuming that the higher rates, and the steps between them, remained unchanged.

[pursuant to his reply, 19 November 1979, c. 71]: The full year cost at 1979–80 income levels is estimated to be about £1,450 million.