HC Deb 07 April 1977 vol 929 cc633-4W
Mrs. Chalker

asked the Chancellor of the Exchequer what is the current value of the exemption from investment income surcharge on maintenance income at 1974 prices.

Mr. Robert Sheldon

, pursuant to his reply [Official Report, 4th April 1977; Vol. 929, c. 349], gave the following information:

Taking into account the change in the retail price index between April 1974 and February 1977, the current value of the exemption for the first £1,000 of maintenance income is about £584. Recipients of maintenance income will benefit from the proposed increase in the threshold to the surcharge, so that those who have no other investment income will not be liable to the surcharge unless their maintenance income exceeds £2,500.

The current value in April 1974 prices of this effective exemption of £2,500 is £1,460.