HC Deb 25 March 1960 vol 620 c80W
Mr. A. Lewis

asked 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. Barber

The 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.