§ Mrs. Knightasked the Chancellor of the Exchequer (1) what income tax revenue would be lost if that annual income up to £5,000 were taxed at £35 per cent., £5,000 to £7,500 at 37.5 per cent., £7,500 to £10,000 at 40 per cent., £10,000 to £15,000 at 42.5 per cent., £15,000 to 20,000 at 45 per cent., £20,000 to £25,000 at 47.5 per cent., £25,000 to £35,000 at 50 per cent., and £35,000 and above at 60 per cent.;
(2) what income tax revenue would be lost if that annual income up to £5,000 were taxed at 35 per cent., £5,000 to £7,500 at 37.5 per cent., £7,500 to £10,000 at 40 per cent., £10,000 to £15,000 at 42.5 per cent., £15,000 to £20,000 at 45 per cent., £20,000 to £25,000 at 47.5 per cent. and £25,000 and above at 50 per cent.
§ Mr. Robert SheldonOn the basis of the conditional and unconditional proposals in the Budget, and assuming that the rates indicated apply to taxable income, the estimated costs for 1976–77 are about £730 million and £760 million respectively.
§ Mr. Freudasked the Chancellor of the Exchequer what would be the cost to the Treasury if income tax started at incomes of two-thirds of average industrial earnings.
§ Mr. Robert SheldonI will let the hon. Member have a reply as soon as possible.