§ Mr. Newtonasked the Chancellor of the Exchequer if he will publish in the Official Report the figures for the estimated number of taxpayers subject to the higher rates of income tax in the years 1973–74 onwards, as given in the Financial Secretary's letter to the hon. Member for Braintree dated 26th November 1976.
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§ Mr. Robert SheldonThe estimated numbers of taxpayers subject to the higher rates of income tax are as follows:
'000 1973–74 … … … 392 1974–75 … … … 752 1975–76 … … … 1,300 1976–77 … … … 1,300 The estimates for 1975–76 and 1976–77 are provisional and are consistent with the figures in the Financial Statement and Budget Report 1976–77.
§ Mr. Newtonasked the Chancellor of the Exchequer if he will publish in the Official Report the information given in the Financial Secretary's letter of 26th November 1976 to the hon. Member for Braintree, showing various income tax thresholds, at current prices and at 1973–74 prices, for a married man with two children not over 11 years of age.
§ Mr. Robert SheldonAssuming the children to be not over 11, the information for earned income is given in the table below.
Threshold Threshold revalued at 1973–74 prices £ £ Basic Rate Income Tax Threshold: 1973–74 … … 1,116 1,116 1974–75 … … 1,294 1,097 1975–76 … … 1,384 942 1976–77 … … 1,634 963 Threshold of First Higher-Rate Band: 1973–74 … … 6,116 6,116 1974–75 … … 5,794 4,912 1975–76 … … 5,884 4,003 1976–77 … … 6,634 3,911 Threshold of Highest-Rate Band: 1973–74 … … 21,176 21,176 1974–75 … … 21,346 18,098 1975–76 … … 21,436 14,583 1976–77 … … 21,686 12,786 The price index used is the average General Index of Retail Prices, (All Items), for each year except for 1976–77 for which the index for October 1976 has been used.