§ Sir B. Rhys Williamsasked the Chancellor of the Exchequer if he will publish a table showing a comparison of gross and net incomes over a standard range of earned and unearned income to illustrate the position of people of pensionable age before and after the changes in taxation currently proposed.
§ Mr. Robert SheldonI assume that the hon. Member is referring to the proposed changes to the investment income surcharge for 1974–75 and to the introduction of an age allowance replacing age exemption relief in 1975–76. On that basis the figures for a married man aged 65 or over with no other tax allowances are as follows. The 1975–76 figures have had to be calculated on the basis of no other tax changes in that year apart from the introduction of the age allowance.
ALL EARNED Net Income (£) Gross Income (£) 1974–75* 1975–76‡ 1,000 1,000.00 1,000.00 1,250 1,206.00 1,250.00 1,500 1,318.50 1,475.25 2,000 1,625.45 1,810.25 2,500 1,960.45 2,145.25 3,000 2,295.45 2,480.25 3,500 2,630.45 2,705.36 4,000 2,965.45 2,965.45 5,000 3,635.45 3,635.45
HALF INVESTMENT AND HALF EARNED Gross Income Net Income (£) (£) 1974–75* 1974–75† 1975–76‡ 1,000 1,000.00 1,000.00 1,000.00 1,250 1,206.00 1,206.00 1,250.00 1,500 1,318.50 1,318.50 1,475.25 2,000 1,625.45 1,625.45 1,810.25 2,500 1,960.45 1,960.45 2,145.25 3,000 2,295.45 2,295.45 2,480.25 3,500 2,630.45 2,605.45 2,689.56 4,000 2,965.45 2,915.45 2,915.45 5,000 3,560.45 3,510.45 3,510.45 * Age exemption limit, £1,170; Investment income surcharge threshold, £2,000. † Age exemption limit, £1,170; Investment income surcharge threshold, £1,500. ‡ Age allowance, £1,425; Investment income surcharge threshold, £1,500.