HC Deb 14 March 1977 vol 928 cc99-100W
Mr. Newton

asked the Chancellor of the Exchequer what is the revenue cost of replacing the present investment income surcharge structure by a single surcharge of (a) 10 per cent., and (b) 15 per cent., starting at £3,000 of investment income, and £4,000 of investment income.

Mr. Robert Sheldon

The estimated costs at1976–77 income levels would be as follows:

Rate Threshold
% £3,000 £4,000
10 155 175
15 95 125

Mr. Dodsworth

asked the Chancellor of the Exchequer how many people aged over 65 years pay investment income surcharge who are not liable to tax at other than the basic rate; and what would be the annual cost of exempting such pensioners from it.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.