Tax cuts - your secret guide

Mr Balls wants a new tax cut. If it ever happened, it would slot into a busy history of cutting...and raising too.

VAT

1973 starts at 10%

1974 8%, then petrol rate set at 25%

1976 petrol rate cut to 12.5%

1979 single 15% rate

1991 up to 17.5%

1994 8% lower rate for domestic fuel and power

1997 lower rate cut to 5%

December 2008 to January 2010 standard rate cut to 15%

2011 20% standard rate

Basic rate income tax

1979 30%, cut from 33%
1986 29%
1987 27%
1988 25%
1995 24%
1996 23%
1999 22%
2007 20% (10% rate abolished)