asked the Chancellor of the Exchequer what would be the cost to the Exchequer of abolishing the 25 per cent. income tax rate; and what is the cost of reducing the standard rate by 1p.
At 1979–80 income levels the full year figures are estimated as follows:
|Abolition of the lower rate band||895(yield)|
|Reduction of basic rate by 1p||495(cost)|