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Rates

Volume 984: debated on Thursday 15 May 1980

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asked the Secretary of State for the Environment, pursuant to the Chancellor of the Exchequer's answer to the hon. Member for Worcestershire, South (Mr. Spicer) Official Report 29 April, columns 335–36, what would be the cost of abolishing commercial and industrial rates and raising the revenue instead from (a) income tax and (b) value added tax, respectively.

In 1979–80 non-domestic rates yielded about £4 billion in Great Britain. This is equivalent to the yield of about 8p on the basic rate of income tax or to the yield of about 8 per cent. on value added tax.