§ Dr. McDonaldasked the Chancellor of the Exchequer if he will give the 1979–80 information on taxation revenue provided in his reply of 13 March 1980, Official Report, c. 671–2, and provide an estimate for 1980–81.
§ Mr. Peter Rees[pursuant to his reply, 15 January 1981]: Figures for 1979–80 and the estimates for 1980–81 from the Financial Statement and Budget Report are shown in the table.
Separate figures for receipts of investment income surcharge included in the figures for income tax are not available. Estimates of the full year yield of investment income surcharge including a revised estimate for 1978–79 are as follows:
£ million 1978–79 249 1979–80 240 1980–81 310 married man's tax allowance, (c) the additional personal allowance, (d) the age allowance, (e) the higher rate threshold and (f) the investment income surcharge.
615W
§ Mr. Peter Rees[pursuant to his reply, 15 January 1981]: The cost of each 1 per cent. increase in a full year at 1980–81 income levels is:
- (a) single person's and wife's earned income allowance - £55 million
- (b) married man's allowance - £75 million
- (c) additional personal allowance - £1 million
- (d) married and single age allowance - £15 million
- (e) first higher rate threshold - £10 million
- (f) investment income surcharge threshold - £3 million
The cost at 1981–82 income levels would be rather greater, depending on incomes and other factors. It is not the practice to give estimates before the Budget Statement.