§ Mr. Cordleasked the Secretary of State for Social Services (1) what is the estimated amount of revenue which will be raised during the financial year 1975–76
(2) what would be the estimated net by the 8 per cent. levy upon the earnings loss of revenue during the financial year of self-employed persons; 524W 1975–76 if the amount of the 8 per cent. levy upon the earnings of self-employed persons were allowed as a deduction from their taxable income;
(3) if she will abolish or substantially reduce the amount of the levy in respect of additional social security contributions on the earnings of self-employed persons for the financial year 1976–77; and if she will make a statement.
§ Mr. O'MalleyEarnings-related Class 4 national insurance contributions payable by the self-employed in respect of 1975–76 are estimated to be about £68 million. I understand that the loss of income tax which would result if this sum of £68 million were allowed as a deduction from taxable income would be about £25 million.
The rates and levels of national insurance contributions for 1976–77, include those for Class 4 contributions, are set out in the Social Security (Contributions, Re-rating) Order 1975 (1975 No. 1829). I would refer the hon. Member to the explanation of these rates and levels which my right hon. Friend gave in her reply to my hon. Friend the Member for Walsall, South (Mr. George)—on 23rd October. [Vol. 898 c. 236–8.]