§ Mr. Meacher
asked the Chancellor of the Exchequer, if the investment surcharge 722W floor were reduced from £2,000 to £1,000, what would be the annual gain respectively to those with annual incomes below £1,000, £1,000–£2,000, £2,000–£5,000 and over £5,000 compared to the position immediately prior to the introduction of the unified tax system.
§ Mr. Nott,
pursuant to his reply [OFFICIAL REPORT, 24th October 1973; Vol. 861, c. 528], gave the following information—
The cost of introducing the unified tax system would be reduced by £75 million at 1973–74 levels of income if the investment income surcharge threshold were £1,000 instead of £2,000. The distribution of the additional tax payments by income ranges would be:
Range of income (p.a.) Tax £ million Under £1,000 — £1,000–£2,000 5 £2,000–£5,000 39 Over £5,000 31 Total 75