HC Deb 25 October 1960 vol 627 c237W
16. 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.

Mr. Selwyn Lloyd

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.

17. 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.

Mr. Selwyn Lloyd

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.