asked the Minister for Finance the additional cost for the tax year 1986-87 of (i) reducing the 35 per cent income tax band to 30 per cent; (ii) reducing the 48 per cent income tax band to 43 per cent; (iii) reducing the 58 per cent tax band to 53 per cent; and (iv) reducing the 35 per cent and 48 per cent bands to 30 per cent and 43 per cent respectively.
Written Answers. - Tax Bands.
116.
Assuming the enactment of this year's budget proposals the full year costs, estimated by reference to the income tax year 1986-87, of the changes referred to in the question are as follows:
|
Full year cost to the Exchequer |
|
|
£m |
|
|
(i) |
204.7 |
|
(ii) |
47.6 |
|
(iii) |
40.9 |
|
(iv) |
252.3 |
117.
asked the Minister for Finance the additional revenue generated in the tax year 1986-87 if (i) the 35 per cent income tax band was increased to 40 per cent; (ii) the 48 per cent band was increased to 53 per cent; (iii) the 58 per cent band was increased to 63 per cent; and (iv) both the 35 per cent and 48 per cent bands were increased to 40 per cent and 53 per cent respectively.
Assuming the enactment of this year's budget proposals the full year yields, estimated by reference to the income tax year 1986-87, arising from the changes referred to in the question are as follows:
|
Full year cost to the Exchequer |
|
|
£m |
|
|
(i) |
204.7 |
|
(ii) |
47.6 |
|
(iii) |
40.9 |
|
(iv) |
252.3 |
118.
Mr. Bruton
asked the Minister for Finance the additional cost for the tax year 1986-87 of (i) an extra £500 (single) £1,000 (married) on the 35 per cent income tax band; (ii) an extra £500 (single) £1,000 (married) on the 48 per cent income tax band; (iii) an extra £500 (single) £1,000 (married) on both the 35 per cent and 48 per cent income tax bands.
Assuming the enactment of this year's budget proposals the full year costs, estimated by reference to the income tax year 1986-87, of the changes referred to in the question are as follows:
|
Full year cost to the Exchequer |
|
|
£m |
|
|
(i) |
40.3 |
|
(ii) |
10.0 |
|
(iii) |
48.9 |