HC Deb 02 May 1978 vol 949 cc103-4W
Mr. Tim Renton

asked the Chancellor of the Exchequer what would be additional cost to the Revenue, following the Budgets, of reducing the top rate of tax from 83 per cent. to 80 per cent. on earned income and from 98 per cent. to 95 per cent. on unearned income.

Mi. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Tim Renton

asked the Chancellor of the Exchequer what would be the additional cost to the Revenue, following the Chancellor's Budget proposals, of increasing the basic rate band of taxable income from £7,000 to £10,000 with new higher rate bands as follows: £10,000-£12,000 at 40 per cent., £12,001-£14,000 at 45 per cent., £14,001-£16,000 at 50 per cent., £16,001-£18,000 at 55 per cent., £18,001-£20,000 at 60 per cent., £20,001-£22,000 at 70 per cent., £22,001-£23,000 at 75 per cent., and over £23,000 at 83 per cent.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Ian Stewart

asked the Chancellor of the Exchequer what would be the revenue effect of reducing the proposed lower rate band of income tax at 25 per cent. from £750 to £500.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.

Mr. Lawson

asked the Chancellor of the Exchequer what would be the difference in revenue yield in a full year, compared with the proposals in the Budget statement, of making the following changes in income tax (a) increasing the personal allowances to £1,060, single and wife's earned income, £1,630, married, £570, additional relief for one parent families, £1,400, age, single and £1,980. age, married, (b) abolishing the 25 per cent. rate of tax on the first £750 of taxable income and taxing this at the basic rate instead, (c) extending the basic rate band of £6,750, (d) taxing the various slices of taxable income above £6,750 at the following rates: £6,750-£7,850 at 40 per cent., £7,850-£8,950 at 45 per cent., £8,950-£10,100 at 50 per cent., £10,100-£11,200 at 55 per cent., £11,200-£13,450 at 60 per cent., £13,450-£15,700 at 65 per cent., £15,700-£17,950 at 70 per cent., £17,950-£23,550 at 75 per cent. and over £23,550 at 83 per cent. and (e) reducing the threshold for the investment income surcharge for those aged 65 years or over to £2,250 and extending the 10 per cent. band to £550.

Mr. Robert Sheldon

I will let the hon. Member have a reply as soon as possible.