§ Mr. MacGregorasked the Chancellor of the Exchequer (1) what would be the cost to the Exchequer in the current financial year if the top higher rate of tax was 70 per cent., applicable as now on all taxable incomes over £15,000, and on the assumption that the investment income surcharge remains;
(2) what would be the cost to the Exchequer in the current financial year if the top higher rate of tax was 50 per cent., applicable as now on all taxable incomes over £6,000, and on the assumption that the investment income surcharge remains;
(3) what would be the cost to the Exchequer in the current financial year if the top higher rate of tax was 60 per cent., applicable as now on all taxable incomes over £8,000, and on the assumption that the investment income surcharge remains.
§ Mr. Robert SheldonAt present, tax-able income between £12,000 and £15,000 is taxed at 70 per cent. If the top higher rate of income tax on all taxable income over £12,000 were 70 per cent. the estimated cost in 1975–76 would be about £65 million.
If the top higher rate of tax on all taxable income over £6,000 was 50 per 564W for regional employment premium. Work on this review is continuing.