§ Mr. Bishop
asked the Chancellor of the Exchequer what is the current annual net income from selective employment tax; and what he estimates to be the increase in either income tax or purchase tax or on a gallon of petrol on the basis that selective employment tax was abolished and increased revenue to replace it was raised through any one of these alternative sources.
§ Mr. William Rodgers
The net yield for for the current year was estimated in the Financial Statement and Budget Report 1969–70 at £606 million. To replace this revenue it would be necessary to raise the standard rate of income tax to ten shillings or to increase all the rates of purchase tax by over a half or to add something like three shillings a gallon to the motor fuel duty.