§ 22. Mr. Sainsburyasked the Chancellor of the Exchequer what are the current rates and thresholds for investment income surcharge for taxpayers aged over 65 years; and what were the equivalent figures in real terms in April 1973 and April 1978.
§ Mr. BiffenFor 1979–80 we propose that the investment income surcharge should be at the rate of 15 per cent. on investment income over £5,000.
For 1973–74 the rate was also 15 per cent. and the threshold was £2,000, equivalent to £4,650 in 1979–80 terms.
For 1978–79 the rates were 10 per cent. on investment income above £2,500, and 15 per cent. above £3,000, equivalent in 1979–80 terms to £2,752 and £3,302 respectively.