§ Mr. Fieldasked the Chancellor of the Exchequer if he will list the amount and the percentage of Budget tax concessions going to taxpayers (a) below £2,000 (b) £2,000 but less than £4,000, (c) £4,000 but less than £6,000, (d) £6,000 but less than £10,000, (e) £10,000 but less than £15,000, (f) £15,000 but less than £20,000, (g) £20,000 but less than £30,000 and (h) over £30,000; and if he will list the number and percentage of taxpayers in each group.
§ Mr. Peter Rees, pursuant to his reply [Official Report, 21 June 1979], gave the following answer:
Estimates, subject to a margin of error, are as follows:
£20,000 are too small to permit further sub-division.
555WThe estimated income distribution is based on that of 1976–77, projected to 1979–80 in line with movements in wages and salaries, investment income etc. The number of taxpayers is of those who would have been liable to tax on 1978–79 rates and allowances.
The total cost of £4,610 million is greater than that quoted in the Financial Statement and Budget Report (£4,526 million) since tax reductions to individuals are off-set by an increase in corporation tax (corresponding to the reduction in tax credits) and a decrease in repayments of tax to superannuation funds etc.