HC Deb 08 December 1960 vol 631 cc165-6W
64. Mr. Peyton

asked the Chancellor of the Exchequer what would be the loss of revenue if no taxpayer was liable to pay more than three-quarters of his earned income by way of direct Income Tax and Surtax combined.

Sir E. Boyle

To reduce the top rate of Surtax on earned income to 7s. 3d., so that in no case did an extra £1 of earnings bear more than 15s. in tax, would cost about £7 million in a full year.

65. Mr. Peyton

asked the Chancellor of the Exchequer what would be the loss in revenue if the starting point of Surtax on earned income were to be £6,000 per annum instead of £2,000, as at present.

Sir E. Boyle

About £60 million in a full year on the assumption that present Surtax rates on successive slices of earned income above £2,000 were charged on the corresponding slices of such income above £6,000.