§ 37. Mr. Skinner
asked the Chancellor of the Exchequer how many pensioners, at the latest possible date, are required to pay income tax at 45 per cent.
§ Mr. Ridley
In the current tax year, 1982–83, it is estimated that some 100,000 single people or married couples over the age of 65 will pay higher rate income tax at 45 per cent. on that part of their income which exceeds their personal allowances and any other reliefs by at least £15,000 and by not more than £19,100. Some of these people will also pay tax at a higher rate on any taxable income exceeding £19,100 per annum. In addition, about 120,000 paying tax at the basic rate or at a marginal rate of 40 per cent. will also be subject to the investment income surcharge, giving a marginal rate of 45 per cent. or over on their investment income.