HC Deb 12 March 1973 vol 852 cc264-6W
Mr. Knox

asked the Chancellor of the Exchequer how much revenue was collected in surtax in each of the past five years.

Mr. Nott

For the five years from 1967–68 to 1971–72 inclusive, the figures are £238.6 million, £225–2 million, £255.0 million, £248.3 million and £348.2 million, as given in Table 5 of the 115th Report of the Board of Inland Revenue.

Mr. Adam Butler

asked the Chancellor of the Exchequer what would be the net pay after tax of a single man earning £10,000, £15,000, £20,000 and £50,000 per annum in the years 1972–73, 1973–74, 1974–75 and 1975–76, assuming a constant rate of salary in the four years, and in 1971–72, and that he takes advantage of the arrangement to spread the 1972–73 surtax payment equally over three years.

Mr. Non

Assuming that the individual has no other income, the information for 1972–73 and 1973–74 is as follows:

Net Income
Salary 1972.73 1973.74
£ £ £
10,000 6,140.60 6,091.92
15,000 7,966.40 7,492.32
20,000 9,377.73 8,374.80
50,000 16,753.71 11,656.96

The figures for 1974–75 and 1975–76 would be the same as those for 1973–74, on the assumption that the rates of tax and allowances for 1974–75 and 1975–76 are the same as those for 1973–74.

Mr. Adam Butler

asked the Chancellor of the Exchequer what would be the net pay after tax of a single man earning £10,000, £15,000, £20,000 and £50,000 per annum in the years 1972–73 and 1973–74, assuming a constant rate of salary over the years and that he opts to pay all his 1972–73 surtax liability in 1973–74.

Mr. Nott

Assuming that the individual has no other income, the information is as follows:

Net Income
Salary 1972.73 1973.74
£ £ £
10,000 6,140.60 5,521.26
15,000 7,966.40 5,903.44
20,000 9,377.73 5,491.40
50,000 16,753.71 278.38

Mr. Adam Butler

asked the Chancellor of the Exchequer what are the estimated receipts from surtax in the year 1972–73, and from surtax and income tax surcharges in the years 1973–74, 1974–75 and 1975–76, assuming that all liable taxpayers take advantage of the arrangement to spread their 1972–73 surtax liability over three years.

Mr. Nott

The estimated net receipt from surtax in 1972–73 is £350 million. In 1973–74, the estimated yield from surtax, the investment income surcharge and the excess of the higher rates of income tax over the basic rate is £410 million. It is not the practice to provide forecasts of taxes more than one year in advance.