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Income Tax: Tax Yields

Volume 473: debated on Monday 17 March 2008

To ask the Chancellor of the Exchequer how much revenue would be raised by an additional one per cent. on the basic rate of income tax in the fiscal year (a) 2007-08 and (b) 2008-09. (194239)

The cost or yield from a 1p change in the basic 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.