§ Sir John Cope
Car tax raised £1.5 billion in 1990–91 and £1.2 billion in 1991–92. Following the reduction in the rate from 10 per cent. to 5 per cent. in the 1992 Budget, the yield for 1992–93 was estimated to be £0.7 billion. This forecast was revised down to £0.6 billion prior to the autumn statement, reflecting depressed car sales. Following abolition of the tax with effect from 12 November, this estimate has been revised to £0.5 billion.