HC Deb 22 February 1973 vol 851 c673
17. Mr. Hiley

asked the Chancellor of the Exchequer what would be the cost of raising the surcharge starting point from £2,000 to £3,000, exclusively for married age-retired people whose income is wholly from investments, apart from that received from pensions.

Mr. Nott

Approximately £5 million for a full year.

Mr. Hiley

Does my hon. Friend not agree that savers are essential for the good economic health of the nation? Why discriminate against this small group of people by taxing them with an additional 15 per cent.? In the name of fairness, would my hon. Friend consider cancelling that surcharge—particularly as it costs so little—for what are not very high incomes today?

Mr. Nott

I remember very well our debates on this subject last year. I am afraid that I cannot comment further at this point on my hon. Friend's suggestions, but of course I agree that many people are living in retirement on low incomes from savings. It was for this reason that in last year's Budget my right hon. Friend decided that he should set a limit of £2,000.