asked the Minister for Finance the estimated cost to the Exchequer of each reduction of 1 per cent in each of the income tax rates in respect of the tax year 1988-89.
Written Answers. - Income Tax Rate Reductions.
91.
Assuming the enactment of this year's budget proposals the full year costs, estimated by reference to the income tax year 1988-89, arising from the changes referred to in the question are as follows:
|
Changes in rates of income tax |
Full year cost to the Exchequer (1988-89) |
|
£ million |
|
|
(Provisional) |
|
|
35%—reduction of one percentage point to 34% |
45 |
|
48%—reduction of one percentage point 47% |
8.5 |
|
58%—reduction of one percentage point to 57% |
8 |