HC Deb 20 July 1965 vol 716 cc183-5W
Dame Patricia Hornsby-Smith

asked the Chancellor of the Exchequer what amount of tax would be paid at current

in tabular form the current redemption value of £100 invested at the commencement of each National Savings issue; and if he will state the current purchasing power of the redemption value compared with the date of issue;

(2) what is the total sum outstanding on each National Savings issue and the annual rate of interest accumulated currently on each based on an investment at the date of issue.

Mr. MacDermot

I regret that separate figures of the total sums outstanding on each issue of National Savings Certificates are not available. The other information asked for by the hon. Member is set out in the table below.

rates by persons in receipt of gross annual earned incomes of £20,000, £30,000, £50,000, £75,000, £100,000 and £250,000, respectively, assuming them to be single, and married with two children, respectively.

Mr. MacDermot

The figures are as follows:

Tax payable in 1965–66
Gross Earned Income Single Person Married man with 2 children under 11 years
£ £ s. d. £ s. d.
20,000 12,652 12 6 12,333 5 0
30,000 21,777 12 6 21,458 5 0
50,000 40,027 12 6 39,708 5 0
75,000 62,840 2 6 62,520 15 0
100,000 85,652 12 6 85,333 5 0
250,000 222,527 12 6 222,208 5 0

The tax comprises the sum of the income tax for 1965–66 and the Surtax for 1964–65 (payable in 1965–66) for an adult male employee.

Mr. Barnett

asked the Chancellor of the Exchequer if he will give an analysis as between individuals and companies of the revenue from a 6d. standard rate of Income Tax in the latest year for which information is available.

Mr. MacDermot

The latest information that I can give my hon. Friend is that, on the basis of the Budget estimates, the yield for 1965–66 of the 6d. increase in the standard rate of Income Tax for that year is £150 million of which it is estimated that £112 million will be borne by individuals and £38 million by company reserves.

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