§ Mr. Trotterasked the Chancellor of the Exchequer how much tax per annum would be paid by a married man with two children under 11 with a net income for 1975–76 of (a) £8,000 a year and (b) £14,000 a year, and of the total tax liability how much would relate to the top slice of £5,000 and £11,000 respectively.
§ Mr. Robert SheldonI will let the hon. Member have a reply as soon as possible.
§ Mr. Trotterasked the Chancellor of the Exchequer what is his estimate of the additional annual revenue which would be raised if the top rates of income tax were increased from (a) 83 per cent. to 100 per cent., and (b) from 98 per cent. to 100 per cent.; and what would be the benefit per head if in each case the increased revenue were used to make an equal payment to each adult in the country.
§ Mr. Robert Sheldon, pursuant to his reply [10th November 1975], gave the following information:
The estimated yield of (a) at 1975–76 income levels would be £29 million assuming that investment income charged 619W at the 100 per cent. rate would not continue to be subject also to the investment income surcharge. The estimated yield of (b) would be £27 million, assuming that this took the form of an increase of two percentage points in the rate of investment income surcharge on investment income in excess of £2,000.
These sums represent 71 and 68 new pence respectively when expressed per head of the population over 18—as estimated for mid-1974.