HC Deb 31 March 1976 vol 908 c494W
Mr. Freud

asked 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 Sheldon

If 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.