§ Mr. Newtonasked the Chancellor of the Exchequer what is the revenue cost of replacing the present investment income surcharge structure by a single surcharge of (a) 10 per cent., and (b) 15 per cent., starting at £3,000 of investment income, and £4,000 of investment income.
§ Mr. Robert SheldonThe estimated costs at1976–77 income levels would be as follows:
£million Rate Threshold % £3,000 £4,000 10 155 175 15 95 125
§ Mr. Dodsworthasked the Chancellor of the Exchequer how many people aged over 65 years pay investment income surcharge who are not liable to tax at other than the basic rate; and what would be the annual cost of exempting such pensioners from it.
§ Mr. Robert SheldonI will let the hon. Member have a reply as soon as possible.