HC Deb 03 May 1938 vol 335 cc699-700W
Mr. Tinker

asked the Financial Secretary to the Treasury whether he will give the amount that would come to the Treasury if the Surtax standard of £2,000 was reduced to £1,500, and allowance made for the difference made by the loss of the ordinary Income Tax between £1,500 and £2,000?

Lieut.-Colonel Colville:

The Surtax is graduated by way of charging a higher rate on each slice of income in excess of £2,000, and the yield from lowering the limit to £1,500 would depend upon the graduation that would apply in respect of the slices of income in excess of £1,500. If the graduation were similar to that obtaining at present, the increased yield would be about £8,000,000, of which £7,400,000 would be payable by the existing body of Surtax payers.