§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will state what the gross income would be to enable a married man to enjoy a tax-free net income of £340,000 spread over four years.
§ Mr. Robert SheldonIf the payment is spread equally over the four years, this represents a net income of £85,000 per582W annum. In 1977–78 a married man with no children would need to receive gross earnings of £458,000 to produce this sum after tax. This figure takes account of the proposed tax changes announced in the Chancellor's statement of 15th July. The requisite earnings in future years would depend on the allowances and tax rates in force at that time.