§ Dr. McDonaldasked the Chancellor of the Exchequer what are the costs, in terms of loss of revenue to the Exchequer, of the changes in rates of income tax above 35 per cent. on bands of taxable income which now start at £6,000.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 3rd May 1977; Vol. 931, c.137],gave the following information:
As stated in Table 16 of the Financial Statement and Budget Report 1977–78 the estimated full-year cost of the changes in the higher rate bands of taxable income above £6,000 is £185 million.
§ Dr. McDonaldasked the Chancellor of the Exchequer what are the costs, in terms of loss of revenue to the Exchequer, of extending the basic rate band by £1,000, thus making the entry point to higher-rate liability £6,000.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 3rd May 1977; Vol. 931, c.137], gave the following information:
As stated in Table 16 of the Financial Statement and Budget Report 1977–78 the estimated full-year cost of the extension of the basic rate band to £6,000 is £90 million.
§ Dr. McDonaldasked the Chancellor of the Exchequer what are the costs, in terms of loss of revenue to the Exchequer, of the tax changes outlined in the Budget given to those earning £4,000 per annum and above.
§ Mr. Robert Sheldon, pursuant to his reply[Official Report, 3rd May 1977; Vol. 931, c.137],gave the following information:
The figures in respect of the income tax changes were given in my reply to the hon. Member for Blaby (Mr. Lawson) on 7th April 1977.—[Vol. 929, c. 623–4.]