§ Mr. Dodsworthasked the Chancellor of the Exchequer how many people pay investment income surcharge who otherwise would only be liable to pay tax at (a) the 25 per cent. rate and (b) the standard rate; what percentage of these people is aged over: (i) 60 years and (ii) 65 years; and what is the revenue raised in each of these cases.
§ Mr. Robert SheldonWithout the expenditure of undue time and resources it is not possible to give all the information requested. Inland Revenue information distinguishes by age only those taxpayers over and under 65 years of age, and it is not possible to give an estimate for those aged over 60 years.
It is estimated that in 1978–79 there were about 400,000 taxpayers who were liable to investment income surcharge and to income tax at the 25 per cent. or at the basic rate only. Of these approximately 51 per cent. are aged over 65 years and the revenue from investment income surcharge in respect of them is about £45 million. The revenue from the investment income surcharge in respect of those under 65 who were liable at the lower or basic rate is about £40 million.