§ Mr. Macfarlaneasked the Chancellor of the Exchequer what was the rate of income tax between 1965 to 1967, 1968 to 1970, 1971 to 1973 and 1974 to 1976.
§ Mr. Robert SheldonAssuming that the hon. Member is referring only to the standard or basic rate of tax the figures are as follows:
Year Standard Rate Effective Standard Rate on Earned Income* (1) (2) % (3) % 1965–66 … 41.25 … 32.08 1966–67 … 41.25 … 32.08 1967–68 … 41.25 … 32.08 1968–69 … 41.25 … 32.08 1969–70 … 41.25 … 32.08 1970–71 … 41.25 … 32.08 1971–72 … 38.75 … 30.14 1972–73 … 38.75 … 30.14 242W
Year Basic Rate † % 1973–74 … … … 30 1974–75 … … … 33 1975–76 … … … 35 1976–77 … … … 35 * Assuming full rate of earned income relief, and ignoring any liability above the standard rate. † As from 1973–74, with the introduction of the unified income tax system, a basic rate of tax, and, where relevant, investment income surcharge, superseded the former standard rate and earned income relief.