§ Sir C. Osborne
asked the Chancellor of the Exchequer how much he estimates there would be available per week to all non-Surtax payers if all incomes above £2,000 a year net were confiscated and redistributed; and if he will make a statement.
§ Mr. Diamond
The aggregate net income in excess of £2,000 each of all those whose net income after Income Tax and Surtax was £2,000 or more in 1962–63 was about £426 million. If this excess were confiscated and redistributed it would provide all other adult members of the population with about £11 14s. or 4s. 6d. per week before payment of tax.