59. Lieut.-Colonel MacANDREW
asked the Chancellor of the Exchequer what is the reduction on the fixed debt charge between 1920 and the present financial year; what is the rate of Income Tax in the £ which this saving represents; and what is the actual reduction in Income Tax in the £ since 1920?
§ Mr. HORE-BELISHA
The total amount charged against revenue on account of National Debt services, excluding Sinking Fund, in the financial year 1920 exceeded the fixed debt charge provision in 1933 by £104,331,756. My hon. and gallant Friend will find particulars of the net produce per penny of Income Tax in past years in the annual reports of the Commissioners of Inland Revenue published from time to time. In 1920 the standard rate of Income Tax was 6s. in the £, with Super-tax rising to a maximum of 6s. The present standard rate of Income Tax is 5s., with Surtax rising to a maximum of 8s. 3d. in addition.
Arising out of the first part of the answer, is not the saving of £104,000,000 largely made at the expense of the Income Taxpaying class?