Income Tax and Surtax

HC Deb 01 February 1968 vol 757 cc380-1W

Mr. Longden

asked the Chancellor of the Exchequer what estimate he has made of the cost to the Exchequer of reducing the standard rate of Income Tax by 6d.

Mr. Harold Lever

On the basis of the Budget estimate for 1967–68 the cost of reducing the standard rate of Income Tax by 6d. for 1967–68 would have been £136 million for the full year.

Mr. Longden

asked the Chancellor of the Exchequer what is the present annual yield of Surtax; and how many people pay it.

Mr. Harold Lever

The Budget estimate for 1967–68 (which included £25 million for the 10 per cent. Surtax surcharge for 1965–66) was £250 million, paid by about 350,000 people.

Mr. Longden

asked the Chancellor of the Exchequer what is the highest percentage of his income that a taxpayer can now be called upon to pay in taxes.

Mr. Harold Lever

This depends on the nature and amount of his income and on the tax reliefs and allowances due to him.