HC Deb 01 July 1975 vol 894 cc387-8W
Mr. Wrigglesworth

asked the Chancellor of the Exchequer what is the amount of revenue that would be raised by taking 100 per cent. of all incomes above £6,000, £7,000, £8,000, £9,000 £10,000, £15,000, £20,000, £30,000, £40,000, £50,000, £75,000 and £100,000 per annum, respectively.

Mr. Robert Sheldon

Assuming that the allowances and rates of tax proposed for 1975–76 apply and that gross incomes were not reduced in consequence of the change proposed, the additional yield from taking the whole of the income after tax in excess of the specified limit would be as follows:

Limit of net income after tax and yield
£ £ million
6,000 450
7,000 235
8,000 100
9,000 65
10,000 35
15,000 9
20,000 5
30,000 2
40,000 1
50,000 0.5
75,000 0.2
100,000 0.1

Mr. Gwilym Roberts

asked the Chancellor of the Exchequer if he will provide estimates of the tax yield from an increase in the standard rate of income tax to 40 per cent. and 50 per cent., respectively, if the existing personal allowances remained unchanged and if the allowances were increased by 25 per cent.; and in the latter case how many low-paid workers would pay less tax and how many would be taken out of taxation.

Mr. Robert Sheldon

I shall let my hon. Friend have a reply as soon as possible.

Mr. Gwilym Roberts

asked the Chancellor of the Exchequer what is his estimate of the sum which would be yielded by a 100 per cent. tax on all incomes earned and unearned in excess of £10,000 a year; how many taxpayers would be affected by such a proposal; and if he will make a statement.

Mr. Robert Sheldon

Assuming that the allowances and rates of tax proposed for 1975–76 apply and that gross incomes were not reduced in consequence of the change proposed, the additional yield from taking the whole of the income after tax in excess of £10,000 would be about £35 million. About 20,000 taxpayers would be affected.

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