§ Mr. A. Lewisasked the Chancellor of the Exchequer how much he estimates the Treasury would lose in a given financial year if all persons with a total income of £500 per annum were relieved of Income Tax; and by how much Surtax would have to be increased to ensure to the Treasury enough revenue to compensate for the loss of this Income Tax.
§ Mr. A. BarberThe loss in the current fiscal year would be about £100 million; and to produce this the yield of Surtax would have to be increased by about 60 per cent.