§ 28. Mr. Lewisasked the Chancellor of the Exchequer what is his estimate of the annual revenue which would accrue by the increase of Income Tax and Surtax to their 1951 level.
§ Mr. SimonIf Income Tax and Surtax were imposed for 1959–60 at the rates in force for 1951–52 the extra revenue accruing in respect of 1959–60 is estimated at about £1,160 million.
The figure for individuals alone would be about £1,010 million.
§ 29. Mr. Lewisasked the Chancellor of the Exchequer what is his estimate of the revenue return during the current financial year on the taxation of all incomes above £1,000; and by how much this would be increased by the increase of Income Tax and Surtax to the rate in operation in April 1951.
§ Mr. SimonThe accrual in 1959–60 of Income Tax and Surtax at the proposed rates on all individual incomes above £1,000 is estimated at £896 million, though some of this amount would not be collected till 1960–61; the corresponding accrual at the 1951–52 rates would be increased by £520 million to £1,416 million.