Personal Income (Hansard, 18 November 1969)

§ 114. Mr. William Hamilton
asked the Chancellor of the Exchequer what is the gross earned income needed to provide a net annual income of £200,000, assuming the taxpayer is married with one, two, three or four dependent children, respectively.

§ Mr. Taverne
At present tax rates and assuming that the children are all under 11, the figures are £2,219,420, £2,218,221, £2,217,022 and £2,215,823 respectively.

ESTIMATES PER HEAD OF POPULATION AT 1963 PRICES^*

Personal income before tax U.K. tax payments National Insurance etc. contributions Personal disposable income† Consumers' expenditure Saving‡

£ £ £ £ £ £

1946 … … 332 40 6 286 273 13

1947 … … 331 35 8 287 280 7

1948 … … 322 31 11 279 277 2

1949 … … 330 31 14 285 280 5

1950 … … 335 31 13 290 287 4

1951 … … 332 32 13 287 233 4

1952 … … 333 31 12 290 280 10

1953 … … 346 29 13 303 292 11

1954 … … 357 31 13 313 303 10

1955 … … 373 32 14 327 314 12

1956 … … 382 33 15 333 316 18

1957 … … 388 35 15 338 321 17

1958 … … 397 36 18 342 328 14

19593 … … 414 38 19 358 340 18

1960 … … 439 41 19 378 350 28

1961 … … 457 45 21 391 356 35

1962 … … 460 47 23 390 360 29

1963 … … 476 47 24 404 374 30

1964 … … 495 50 26 418 384 34

1965 … … 510 57 29 424 388 36

1966 … … 521 60 29 430 394 36

1967 … … 529 64 30 434 359 34

1968 … … 543 69 33 440 407 33

1969§ … … 545 72 32 439 403 36

ANNUAL AVERAGE INCREASES PER CENT.

1946–1951 … … — –4.3 14.5 0.1 0.7 —19.9

1951–1959 … …2 .8 1.8 5.2 2.8 2.3 19.8

1959–1964 … … 3.6 6.0 6.4 3.2 2.5 13.8

1964–1969 … … 2.0 7.6 4.2 1.0 1.0 1.1

^* Individual items do not necessarily add to totals because of rounding.

† This column also takes account of net transfers to or from abroad.

‡ Before providing for depreciation, stock appreciation arid additions to tax reserves.

£ First half, seasonally adjusted, at annual rate.

258W

§ 130. Sir J. Rodgers
asked the Chancellor of the Exchequer if he will publish figures at constant 1963 prices per head of population for the years 1946 to 1968, inclusive, and for the first half of 1969 expressed in terms of an annual equivalent, of personal income before tax payments of United Kingdom taxes on income, National Insurance Contributions, etc., personal disposable income, consumers expenditure and personal saving, showing in each case the annual average percentage increase for the periods 1946 to 1951, 1951 to 1959, 1959 to 1964, 1964 to 1969.

§ Mr. Taverne
The information requested is given in the table below. I should point out that in the case of saving the calculation of an annual average increase between single years separated by long intervals may give misleading results.
Following is the table
259W

§ 134. Mr. Mikardo
asked the Chancellor of the Exchequer what gross income is required to produce a tax-free income of £100,000 per annum.

§ Mr. Taverne
About £1,100,000; the exact amount depends on the individual's circumstances.

§ 115. Mr. Lane
asked the Chancellor of the Exchequer if he will state for the following trade groups, chemicals, oil and allied trades, electrical engineering and electrical goods, other non-electrical engineering, and vehicles, the amounts paid or expected to be paid, in each of the years 1963–64 to 1969–70 in respect of selective employment tax, duty on light and on heavy hydrocarbon oils and vehicle excise duty, respectively.

§ 129. Mr. Michael Shaw
asked the Chancellor of the Exchequer what were for the following industries, scientific and industrial instruments and systems, electronic computers, and aerospace equipment manufacturing and repairing, the amounts paid or expected to be paid

CAPITAL DEBT INCLUDING REVENUE DEFICIT WRITTEN OFF SINCE 1946

Date Public Corporation Act Amount Interest and other payments foregone§

£m £m

31 March 1951 to 31 March 1955 Overseas Food Corporation Overseas Resources Development Acts 1951 and 1954 39.3 23.0

31 December 1962 British Transport Commission Transport Act 1962 487.4 115.0

31 March 1965 National Coal Board Coal Industry Act 1965 415.0^* 70.0

31 March 1965 British Overseas Airways Corporation Air Corporations Act 1966 110.0† 20.0

31 March 1968 British European Airways Air Corporations Act 1969. 25.0 2.25

31 December 1968 British Railways Board Transport Act 1968 1262.1 ‡190.5║

31 December 1968 British Waterways Board Transport Act 1968 15.5 0.25

2354. 421.0

NOTES—

^*Including £116 million in respect of revenue losses.

†Including £30 million reconstituted as a reserve, of which £15 million has since been recapitalised.

‡Including £705 million debt suspended under the Transport Act 1962 and finally written of under the Transport Act 1968.

§These figures have been estimated on the basis of the average rate of interest current at the time the capital was written off.

║ This figure included interest foregone on the £705 million of suspended debt, see note (.1) above. from 1962.

ESTIMATES PER HEAD OF POPULATION AT 1963 PRICES^*
			Personal income before tax	U.K. tax payments	National Insurance etc. contributions	Personal disposable income†	Consumers' expenditure	Saving‡
			£	£	£	£	£	£
1946	…	…	332	40	6	286	273	13
1947	…	…	331	35	8	287	280	7
1948	…	…	322	31	11	279	277	2
1949	…	…	330	31	14	285	280	5
1950	…	…	335	31	13	290	287	4
1951	…	…	332	32	13	287	233	4
1952	…	…	333	31	12	290	280	10
1953	…	…	346	29	13	303	292	11
1954	…	…	357	31	13	313	303	10
1955	…	…	373	32	14	327	314	12
1956	…	…	382	33	15	333	316	18
1957	…	…	388	35	15	338	321	17
1958	…	…	397	36	18	342	328	14
19593	…	…	414	38	19	358	340	18
1960	…	…	439	41	19	378	350	28
1961	…	…	457	45	21	391	356	35
1962	…	…	460	47	23	390	360	29
1963	…	…	476	47	24	404	374	30
1964	…	…	495	50	26	418	384	34
1965	…	…	510	57	29	424	388	36
1966	…	…	521	60	29	430	394	36
1967	…	…	529	64	30	434	359	34
1968	…	…	543	69	33	440	407	33
1969§	…	…	545	72	32	439	403	36

ANNUAL AVERAGE INCREASES PER CENT.
1946–1951	…	…	—	–4.3	14.5	0.1	0.7	—19.9
1951–1959	…	…2	.8	1.8	5.2	2.8	2.3	19.8
1959–1964	…	…	3.6	6.0	6.4	3.2	2.5	13.8
1964–1969	…	…	2.0	7.6	4.2	1.0	1.0	1.1
^* Individual items do not necessarily add to totals because of rounding.
† This column also takes account of net transfers to or from abroad.
‡ Before providing for depreciation, stock appreciation arid additions to tax reserves.
£ First half, seasonally adjusted, at annual rate.

CAPITAL DEBT INCLUDING REVENUE DEFICIT WRITTEN OFF SINCE 1946
Date	Public Corporation	Act	Amount	Interest and other payments foregone§
			£m	£m
31 March 1951 to 31 March 1955	Overseas Food Corporation	Overseas Resources Development Acts 1951 and 1954	39.3	23.0
31 December 1962	British Transport Commission	Transport Act 1962	487.4	115.0
31 March 1965	National Coal Board	Coal Industry Act 1965	415.0^*	70.0
31 March 1965	British Overseas Airways Corporation	Air Corporations Act 1966	110.0†	20.0
31 March 1968	British European Airways	Air Corporations Act 1969.	25.0	2.25
31 December 1968	British Railways Board	Transport Act 1968	1262.1	‡190.5║
31 December 1968	British Waterways Board	Transport Act 1968	15.5	0.25
			2354.	421.0
NOTES—
^*Including £116 million in respect of revenue losses.
†Including £30 million reconstituted as a reserve, of which £15 million has since been recapitalised.
‡Including £705 million debt suspended under the Transport Act 1962 and finally written of under the Transport Act 1968.
§These figures have been estimated on the basis of the average rate of interest current at the time the capital was written off.
║ This figure included interest foregone on the £705 million of suspended debt, see note (.1) above. from 1962.