Income Tax Surcharge

HC Deb 02 March 1978 vol 945 cc360-1W

Mr. Fairbairn

asked the Chancellor of the Exchequer what would be the annual cost of exempting retired persons from the income tax surcharge.

Mr. Robert Sheldon,

pursuant to his reply [Official Report, 1st March 1978; Vol. 945, c. 269], gave the following information:

It is not possible in Inland Revenue statistics to distinguish taxpayers who are retired from those who are not retired, but to exempt taxpayers aged 65 and over from the investment income surcharge would cost about £150 million at 1977–78 income levels.