§ Mr. Pardoeasked the Chancellor of the Exchequer if he will estimate for 1976–77 the loss in revenue which would occur if investment income surcharge were not charged where the total increase of the taxpayer from all sources is less than average industrial earnings.
§ Mr. Robert SheldonOn the basis of average industrial earnings in February 1976 the estimated cost would be about £12 million.
§ Mr. Newtonasked the Chancellor of the Exchequer what is his estimate of the loss of revenue which would result from relieving persons over 65 years of age of liability to investment income surcharge on any part of the first £3,000 of income from all sources, assuming that this £3,000 is taken to include any income treated as earned for tax purposes.
§ Mr. Robert SheldonI shall let the hon. Member have a reply as soon as possible.