Vol. 431 No. 3
105 Mr. N. Ahern asked the Minister for Finance the expected revenue in 1993 from the 1 per cent levy; the estimated revenue if the levy were changed to 1.5 per cent and 2 per cent; and the income threshold in each case to bring in the same revenue.
Assuming the enactment of this year's Finance Bill, the yield to the Exchequer in 1993 from the income levy is estimated at £78 million. The yield from the rate increases mentioned on the question, and the necessary exemption levels required to ensure an unchanged yield, are set out as follows:
|
Rate of Income Levy |
Exemption: |
Estimated yield to the Exchequer in 1993 |
|
|
Annual |
Weekly |
||
|
% |
£ |
£ |
£m |
|
1.5 |
9,000 |
173 |
117.0 |
|
1.5 |
15,600 |
300 |
78.0 |
|
2.0 |
9,000 |
173 |
156.0 |
|
2.0 |
20,540 |
395 |
78.0 |
