Question
To ask Her Majesty’s Government what estimate they have made of the additional annual funding that would be raised by (1) each one per cent rise in income tax, (2) each one per cent rise in national insurance contributions, (3) abolishing the ceiling on national insurance contributions, (4) doubling the duty on (a) tobacco, (b) alcohol, and (c) gambling, and (5) for each one per cent increase in inheritance tax (with current exemption arrangements).
Answered on
18 August 2014
Information on the revenue effects of changes in income tax, national insurance contributions, tobacco, alcohol and inheritance tax is available and published in the table ‘Direct effects of illustrative tax changes’ published on the GOV.UK website[1].
The table is a ‘ready reckoner’ showing estimates of the effects of various illustrative tax changes, on tax receipts in 2014-15 to 2016-17.