§ Mr. Fieldasked the Chancellor of the Exchequer if he will update the answer given to the hon. Member for Hitchin (Mr. Stewart), Official Report, 25 May 1978, columns 737–8 in respect of income tax structure.
§ Mr. Peter ReesThe cost of introducing the income tax structure in the question referred to would now be about £290 million in a full year at 1979–80 income levels. There would be no benefit to taxpayers with less than £10,000 taxable income and it is estimated that—counting married couples as one—about 650,000 with incomes above £10,000 would benefit.
The answer assumes that no change is made to the investment income surcharge.