§ Mr. Garel-Jonesasked the Chancellor of the Exchequer what the gain to therevenue would be if incomes, whether earned or unearned, were taxed at 100 per cent. above (a) £15,000, (b) £16,000, (c) £17,000, (d) £18,000, (e) £19,000, (f) £20,000, (g) £21,000, (h) £22,000, (i) £23,000, (j) £24,000, and (k) £25,000.
§ Mr. Peter ReesThe readily available information relates to taxable incomes, rather than to gross incomes.
Estimates for a full year at 1979–80 income levels are as follows:
Taxable Income above Yield £ £ million 15,000 … … … … 770 16,000 … … … … 670 17,000 … … … … 590 18,000 … … … … 520 19,000 … … … … 460 20,000 … … … … 410 21,000 … … … … 370 22,000 … … … … 330 23,000 … … … … 300 24,000 … … … … 270 25,000 … … … … 250 The rate of 100 per cent. above the levels of taxable income quoted has been substituted for the effective marginal rates of tax, including investment income surcharge where appropriate, which are charged in 1979–80. In the reply to my hon. Friend the Member for Eastleigh (Mr. Price) on 6 December 1979—[Vol. 975, c. 337]—the rate of 100 per cent. was substituted for the nominal marginal rate in 1979–80 excluding any investment income surcharge payable.