Pat Cox
Question:147 Mr. Cox asked the Minister for Finance the amount each 1 per cent change in the standard rate of income tax would cost the Exchequer in gross and net terms from 6 April 1994 to 31 December 1994, and in a full year.
Written Answers. - Cost of Income Tax Changes.
The only relevant information available as to cost is in relation to the direct cost to the Exchequer in income tax foregone if the change referred to in the question was enacted for the income tax year 1994/95. The cost of a reduction in the standard rate of income tax by 1 percentage point is estimated at £43 million in 1994 and £72 million in a full year.
Pat Cox
Question:148 Mr. Cox asked the Minister for Finance the amount each 1 per cent change in the higher rate of tax would cost the Exchequer in gross and net terms from 6 April 1994 to 31 December 1994, and in a full year.
The only relevant information available as to cost is in relation to the direct cost to the Exchequer in income tax foregone if the change referred to in the question was enacted for the income tax year 1994/95. The cost of a reduction in the higher rate of income tax by 1 percentage point is estimated at £22 million in 1994 and £37 million in a full year.