§ Mr. Newtonasked the Chancellor of the Exchequer what is his estimate of the loss of revenue which would result from relieving persons over 65 years of age of liability to investment income surcharge on any part of the first £3,000 of income from all sources, assuming that this £3,000 is taken to include any income treated as earned for tax purposes.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 10th May 1976; Vol. 911, c. 56], gave the following answer:
The information on which to base a precise calculation is not readily available, but it is estimated that the cost would be of the order of £15 million.