HC Deb 01 May 1972 vol 836 cc61-2W
Mr. Meacher

asked the Chancellor of the Exchequer, of the £300 million loss to the Exchequer from the raising of the level of the investment surcharge, how much he estimates will accrue, respectively, to those with annual incomes under £1,000, £1,000–£2,000, £2,000–£5,000, and over £5,000.

Mr. Nott:

£300 million measures the total cost of the new system of personal taxation throughout all income levels. It is not confined to the effect on investment income. The cost by income ranges is estimated to be:

Income Cost
£ p.a. £m.
Under 1,000 5
1,000–2,000 30
2,000–5,000 155
5,000 an over 110
Total 300