§ Mr. Luceasked the Chancellor of the Exchequer how much is estimated to be contributed in direct taxation by those employed men aged between 60 and 65 years.
§ Mr. Robert SheldonThe information on which to base a precise estimate is not available. On the assumptions that the men earned the estimated average for all employees in their age group at April 1976 and that they paid the average tax rate corresponding to that income level, the income tax payable for 1976–77 would be about £700 million.
§ Mr. Luceasked the Chancellor of the Exchequer what estimated additional tax revenue would arise if all those unemployed men aged between 60 and 65 years were working on average earnings.
§ Mr. Robert SheldonThe information on which to base a precise estimate is not available. On the assumptions that the men remained unemployed for the whole tax year but if employed would have earned the average for all employees at April 1976 and would have paid tax at the average rate for that income, the additional income tax for 1976–77 would be about £100 million.
§ Mr. Sedgemoreasked the Chancellor of the Exchequer what would be the estimated loss in the receipts for the current financial year of imposing an upper limit of 50 per cent. on all personal direct taxation rates.
§ Mr. Robert SheldonAssuming that the restriction to 50 per cent. includes the352W investment income surcharge and the investment income is treated as the top slice of a mixed income, the estimated loss for 1976–77 is about £630 million.