§ Mr. Freudasked the Chancellor of the Exchequer what would be the loss to the Exchequer if the tax ceiling on earned income was 50 per cent. of such income.
§ Mr. Robert SheldonIf earned income is treated as the lower slice of any taxed income, and assuming 1975–76 rates of tax on both earned and investment income, the loss of revenue at 1975–76 income levels would be of the order of £200 million.