§ Mr. McKayasked the Chancellor of the Exchequer what was the revenue from 6d. in the £ in 1955 on personal incomes and from 6d. in the £ from the income of companies, separately; what range of personal incomes contributed the largest amount of revenue in 1955 : and what was the average amount of Income Tax paid per head in this section.
§ Mr. H. MacmillanThe yield of Income Tax in 1955–56 was approximately £115 million for each 6d. in the £ of the standard rate with corresponding proportions of the reduced rates. Of this amount about £65 million accrued from personal incomes (including interest and dividends received from companies) and about £50 million from the undistributed profits of companies. As the hon. Member will see from Table 28 of the National Income Blue Book 1956, the range of incomes between £500 and £750 contributed more Income Tax in 1955 than any other range used in that Table. The 6½ million incomes (counting husband and wife as one) in this range paid, on average, about £35 each.