HC Deb 24 January 1978 vol 942 cc534-5W
Mrs. Wise

asked the Chancellor of the Exchequer what would be the tax liability of, respectively, a single person, and a married couple with two children aged 5 and 11 years, with gross incomes at £1,000, £1,500, £2,000, £4,000, £8,000, £10,000, and £20,000; and what would be the gains or losses per year compared with the present system if income up to £1,000 received 100 per cent. exemption, reduced thereafter by one-third of the

Current Tax Liability Changes in Income After Tax under the suggested system*
Income Single Married (2 children aged 5 and 11) Single Married (2 children aged 5 and 11)
£ £ £ £
1,000 18.70 0 +18.70 +230.53
1,500 188.70 0 +122.03 +141.73
2,000 358.70 48.96 +192.03 +57.36
4,000 1,038.70 728.96 +38.70 -193.04
8,000 2,464.75 2,097.60 -1,135.25 -1,549.20
10,000 3,420.25 2,962.0 -1,779.75 -2,284.80
20,000 10,131.25 9,448.0 -3,068.75 -3,798.80
* + = gain; - = loss.