HC Deb 13 December 1977 vol 941 cc172-3W
Mr. Michael Latham

asked the Chancellor of the Exchequer what would be the annual loss to the revenue, at current, prices, if the maximum rate of income tax on unearned income were reduced to 50 per cent.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Michael Latham

asked the Chancellor of the Exchequer what would be the annual loss to the revenue, at current, prices, if the standard rate of income tax were cut to (a) 30 per cent., (b) 25 per cent. and (c) 20 per cent. with all higher rates being cut proportionately.

Mr. Robert Sheldon

The estimated loss for 1977–78 would be about:

£ million
(a) 2,330
(b) 4,790
(c) 7,580

In arriving at these amounts the higher rates of taxes have been reduced by the same proportions as the reductions in the current basic rate of 34 per cent.

Mr. Pattie

asked the Chancellor of the Exchequer if he will list the percentage of the total labour force liable to income tax on 1st January 1977 in each member country of the EEC, the United States, Canada and Japan.

Mr. Joel Barnett

, pursuant to his reply [Official Report, 12th December 1977]. gave the following information:

So far as I am aware, this information is not available from international sources.