§ 56. Mr. A. Lewisasked the Chancellor of the Exchequer if he will give the rates of Surtax in the financial year April, 1951, to April, 1952; the present rates; and how much extra revenue he estimates would accrue to the Treasury if Surtax were restored to its 1951 level.
§ Sir E. BoyleThe following statement shows the rates of Surtax for 1950–51— the Surtax payable in 1951–52—and the current Surtax rates. If the 1950–51 rates and system were restored the extra yield would be rather more than £11 million, as set out in the statement.
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STATEMENT The rates of Surtax are as follows: Slice of Income 1950–51 Current £000 s. d. s. d. Under 2 Nil Nil 2–2½ 2 0 2 0 2½–3 2 6 2 6 3–4 3 6 3 6 4–5 4 6 4 6 5–6 5 6 5 6 6–8 6 6 6 6 8–10 7 6 7 6 10–12 8 6 8 6 12–15 9 6 9 6 15–20 10 0 10 0 Over 20 10 6 10 0 For 1950–51 the Surtax starting point was £2,000 in all cases. At present, if a taxpayer has dependants the amount by which certain personal allowances due to him exceed the single person's allowance is deducted in computing the income subject to Surtax. The yield from restoring the 1950–51 rates alone would be £800,000 and from abolishing the deduction for personal allowances £10½ million.