§ Mr. Prenticeasked the Chancellor of the Exchequer what has been the annual return to the Exchequer of the investment income surcharge over each of the last five years; how many representations he has received objecting to this tax; and if he will make a statement on the future of this tax.
§ Mr. LawsonThe yield of the investment income surcharge over the last five years has been as follows:
£ million 1978–79 249 1979–80 230 1980–81 246 1981–82 *265 1982–83 *280 * Provisional figures. Since June, I have received some 50 representations from members of the public and a number of representative bodies suggesting that the surcharge be reduced or abolished altogether. We have already made considerable progress in this direction by increasing the threshold from £1,700 (£2,500 for the aged) to £7,100 since 1979. I should like to do more but further progress will depend on available resources.