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Income Tax

Treasury written question – answered on 18th July 2013.

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Photo of Chris Skidmore Chris Skidmore Conservative, Kingswood

To ask the Chancellor of the Exchequer with reference to the answer to the hon. Member for Harlow of 14 January 2013, Official Report, columns 556-7W on income tax, what estimate he has made of the cost to the public purse of implementing an income tax rate of 10p on all earnings between £9,440 and £12,230 in the fiscal year 2015-16.

Photo of David Gauke David Gauke The Exchequer Secretary

The cost to the Exchequer of reintroducing an income tax rate of 10p on all earnings in the same band as the starting rate for savings is estimated to be around £8.0 billion in 2015-16.

This estimate is based on the 2010-11 Survey of Personal Incomes, projected to 2015-16 using economic assumptions consistent with the Office for Budget Responsibility's March 2013 economic and fiscal outlook.

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