§ Sir John Hallasked the Chancellor of the Exchequer what would be the cost of halving the rate of tax on incomes, including investment incomes, up to £5,000 per annum, of persons who, because they have reached retirement age or are disabled, are not in remunerative employment.
§ Mr. Robert SheldonI regret that information on which to base an estimate for the disabled or for retired persons with pensions or investment income but no income from employment is not available. The estimated cost for 1975–76 of halving the tax paid on all types of income by all taxpayers over 65 with incomes up to £5,000 is about £500 million.