§ Mr. Hordernasked the Chancellor of the Exchequer what would be the cost to the Inland Revenue if the first £100, £200 and £500, respectively, of investment income were made not liable to tax.
§ Mr. Robert Sheldon:On the basis of the estimated distribution of income for 1978–79, the cost would be of the following order of magnitude:
Investment Income exempted Estimated cost £ £million 100 140 200 250 500 480 The costs assume that the investment income surcharge continues to apply to investment income in excess of £1,700 — £2,500 in the case of elderly taxpayers.