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Income Tax Rates and Bands

Volume 473: debated on Thursday 13 March 2008

To ask the Chancellor of the Exchequer what estimate he has made of the revenue that would be raised by a 1 per cent. increase in the higher rate of income tax, based on (a) 2007-08 tax bands and (b) 2008-09 tax bands. (194049)

The cost or yield from a 1p change in the higher rate of income tax is regularly published in the “Tax ready reckoner and tax reliefs”, copies of which are in the Library, and in table 1.6 on the HM Revenue and Customs’ website:

http://www.hmrc.gov.uk/stats/tax_expenditures/menu.htm

An updated version of table 1.6 reflecting changes announced in Budget 2007 which take effect from April 2008 is due to be published at the end of April.