§ Mr. Rookerasked the Chancellor of the Exchequer if he will set out in the Official Report the annual income tax reduction for a married couple earning (a) £5,000, (b) £10,000, (c) £15,000, (d) 00,000, (e) £30,000, and (f) £50,000 per 132W annum in 1976–77 compared to 1975–76 and in 1977–78 compared with 1976–77.
§ Mr. Peter ReesThe figures are as follows:
Reduction in tax between Annual earnings 1975–76 and 1976–77 1976–77 and 1977–78 £5,000 45.50 164.95 £10,000 203.00 536.50 £15,000 216.00 846.25 £20,000 222.50 937.50 £30,000 232.90 1,047.10 £50,000 232.90 1,047.10 It has been assumed that the earnings are those of the husband.
§ Mr. Meacherasked the Chancellor of the Exchequer what would be the loss of revenue to the Exchequer if the top marginal rate of income tax were reduced from 83 per cent. to 75 per cent. and 60 per cent., respectively.
§ Mr. Peter Rees, pursuant to his reply [Official Report, 25 May 1979; Vol 967, c. 303], gave the following answer:
The cost for 1979–80 will depend on the level of incomes in the year and on the allowances and rates of tax finally determined for the year. At 1978–79 income levels and tax rates and allowances the estimated full year costs would be:
Top marginal rate per cent. Cost £ million 75 55 60 245
§ Mr. Meacherasked the Chancellor of the Exchequer what would be the cost to the Exchequer in revenue forgone from, respectively, a 1 per cent. cut in the basic rate of income tax and a £100 increase in the married allowance and £60 in the single allowance.
§ Mr. Peter Rees, pursuant to his reply [Official Report, 25 May 1979; Vol 967, c. 303], gave the following answer:
The costs for 1979–80 will depend on the income levels and tax rates and allowances for the year. At 1978–79 income levels the estimated full-year costs are as follows:
Cost £ million 1 per cent. cut in basic rate 400 £100 increase in married allowance 370 £60 increase in single allowance 235