Income Tax Allowances

HC Deb 28 October 1975 vol 898 cc430-1W

Mr. Ralph Howell

asked the Chancellor of the Exchequer what would be the loss to revenue if all personal allowances were to be doubled in value, and the structure of personal tax rates amended to give new bands of taxable income as follows: £0–£3,000 at 35 per cent., £3,000–£4,000 at 40 per cent., £4,000–£5,000 at 45 per cent., £5,000–£6,000 at 50 per cent., £6,000–£7,000 at 55 per cent., £7,000–£8,000 at 60 per cent., £10,000–£12,000 at 65 per cent., £12,000–£15,000 at 70 per cent. and over £15,000 at 75 per cent.

Mr. Robert Sheldon

About £7,000 million.

Mr. Gould

asked the Chancellor of the Exchequer what would be the gain to the Exchequer of abolishing all income tax allowances, apart from the personal, married man's and dependent children's allowances.

Mr. Robert Sheldon

I will let my hon. Friend have a reply as soon as possible.