§ Mr. Georgeasked the Chancellor of the Exchequer what would be the cost in lost revenue of introducing a 20 per cent. tax rate on (1) the first £200 of taxable income, and (2) the first £400 of taxable income.
§ Mr. Robert Sheldon:On the basis of 1974–75 income levels, tax rates and allowances the estimated costs would be about £630 million and £1,200 million respectively.
§ Mr. Trotterasked the Chancellor of the Exchequer (1) how much tax per annum would be paid by a married man with two children with a net earned income after tax of (a) £10,000 a year and 453W (b) £16,000 a year; and, of the total tax liability, how much relates to the top slice of £5,000 and £11,000, respectively;
(2) how much tax per annum would be paid by a married man with two children with a net earned income after tax of (a) £8,000 a year and (b) £14,000 a year; and, of the total tax liability,
Gross income Tax Income after tax Top slice of income after tax Tax on gross income corresponding to net income in column (d) (a) (b) (c) (d) (e) 13,939 5,939 8,000 5,000 5,098 20,901 10,901 10,000 5,000 8,938 44,169 30,169 14,000 11,000 29,328 55,933 39,933 16,000 11,000 37,970