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Income Tax

Volume 983: debated on Thursday 1 May 1980

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asked the Chancellor of the Exchequer what would be the cost of reducing income tax rates to the following: 25 per cent. on taxable incomes between £1 and £10,000, 35 per cent. on taxable incomes between £10,001 and £12,000, 40 per cent. on taxable incomes between £12,001 and £15,000, 45 per cent. on taxable incomes between £15,001 and £20,000 and 50 per cent. on taxable incomes above £20,000.

[pursuant to his reply, 28 April 1980, c. 333–34]: About £4.0 billion in a full year at 1980—81 income levels if the investment income surcharge were retained, or £4.3 billion if it were abolished.