§ Mr. David PorterTo ask the Chancellor of the Exchequer if he has any plans further to reduce the tax liability for people aged over 75 years who have income from savings; and if he will make a statement.
§ Mr. MaudeI have no plans to do so at present. People aged 75 and over are already helped by the higher level of age-related allowances extended to them in 1989. They will also have benefited from the abolition in 1984 of the investment income surcharge which weighed especially heavily on those who had saved for their retirement.
Taxpaying individuals 1991–92 Millions Aged under 65 Aged 65 and over Total Basic rate only 21.5 2.6 24.2 Higher rate 1.5 0.2 1.7 TOTAL 23.1 2.8 25.9
Taxpaying individuals aged under 65 Millions No income subject to NIC Earnings1 between LEL and UEL Earnings above UEL Total Basic rate only 1.1 18.5 2.0 21.5 Higher rate — 0.1 1.4 1.5 TOTAL 1.1 18.6 3.4 23.1 1 Includes earnings from employment or self-employment.