§ Mr. Newtonasked the Chancellor of the Exchequer what would be the revenue cost of implementing proposals which would limit the total tax payable by any individual to 50 per cent. of his total income.
§ Mr. Robert SheldonAssuming a basic rate of 33 per cent., the cost of limiting the total tax payable by an individual to 50 per cent. of his total net income would be about £400 million for 1977–78. Total net income is total income after allowable deductions but before reliefs and allowances for tax.
§ Mr. Hordernasked the Chancellor of the Exchequer what would be the cost to the revenue if the basic rate of tax were reduced to 30 per cent. and 25 per cent. respectively, if both rates were to apply to bands of taxable income up to £10,000.
§ Mr. Robert SheldonAssuming full implementation of the Budget proposals, the additional costs for 1977–78 would be about £1,770 million and £4,280 million, respectively.
§ Mr. Lawsonasked the Chancellor of the Exchequer, pursuant to the Written Answer given to the hon. Member for Blaby on 7th April, Official Report, column 624, how much of the £1,454 million of tax reliefs for those with net incomes of £4,000 or more a year is attributable to the slice of such incomes above £4,000.
§ Mr. Robert SheldonI shall let the hon. Member have a reply as soon as possible.
§ Mr. Lawsonasked the Chancellor of the Exchequer if, pursuant to the Written Answer given to the hon. Member for Blaby on 7th April, Official Report, column 624, he will provide a breakdown of the £1,454 million of tax reliefs for those with net incomes of £4,000 or more a year into the amounts accruing to those with net incomes of £4,000 to £4,999, £5,000 to £5,999, £6,000 to £6,999, £7,000 173W to £7,999, £8,000 to £8,999, £9,000 to £9,999, and £10,000 and over, respectively.
§ Mr. Robert SheldonI shall let the hon. Member have a reply as soon as possible.