Income Tax: Tax Rates and Bands

Treasury written question – answered on 21st May 2008.

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Photo of Roger Godsiff Roger Godsiff Labour, Birmingham, Sparkbrook and Small Heath

To ask the Chancellor of the Exchequer what the estimated cost would be of reintroducing the 10 pence tax band with effect from the beginning of the 2008-09 financial year.

Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury

Reintroducing the 10p starting rate for non-savings income would cost around £6.7 billion for 2008-09. This estimate assumes the personal allowance had remained at £5,435 and not been increased by £600 as announced by the Chancellor on Tuesday 13 May.

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