HC Deb 25 October 1973 vol 861 cc721-2W
Mr. Meacher

asked the Chancellor of the Exchequer, if the investment surcharge floor were reduced from £2,000 to £1,000, what would be the annual gain respectively to those with annual incomes below £1,000, £1,000–£2,000, £2,000–£5,000 and over £5,000 compared to the position immediately prior to the introduction of the unified tax system.

Mr. Nott,

pursuant to his reply [OFFICIAL REPORT, 24th October 1973; Vol. 861, c. 528], gave the following information

The cost of introducing the unified tax system would be reduced by £75 million at 1973–74 levels of income if the investment income surcharge threshold were £1,000 instead of £2,000. The distribution of the additional tax payments by income ranges would be:

Range of income (p.a.) Tax £ million
Under £1,000
£1,000–£2,000 5
£2,000–£5,000 39
Over £5,000 31
Total 75