§ Mr. Loveridge
asked the Chancellor of the Exchequer what would be the loss to the revenue in a full year of the abolition of the investment income surcharge, not including the reliefs already announced; and what will be the reduction in a full year of those reliefs already announced.
§ Mr. Peter Rees
Before taking into account the Budget changes the estimated yield from investment income surcharge was about £415 million for a full year at 1979–80 income levels. The estimated reduction in a full year arising from the Budget proposals is about £200 million. Its abolition would therefore cost about a further £215 million.