§ Mr. Ward
Is my hon. Friend aware that this tax bears particularly hard on the elderly, many of whom have saved from taxed income to make investments but who find in their old age that they are caught by the investment income surcharge, which considerably reduces their financial resources? May we look forward to the Chancellor listening sympathetically to the representations that have been made to him?
§ Mr. Moore
My hon. Friend is right, in that of the approximately 270,000 taxpayers forecast to pay the investment income surcharge, about 150,000 are elderly and provide about half of the yield. Of the 150,000 elderly liable taxpayers, 90,000 are otherwise liable to tax only at the basic rate. I cannot, of course, anticipate my right hon. Friend's Budget.
§ Mr. Rooker
For the sake of accuracy, will the Minister tell the House what income a person requires before he pays investment income surcharge?
§ Mr. Stokes
Is the Minister aware that the tax is a very un-Conservative one and causes offence to many of our supporters?