§ Mr. Watsonasked the Chancellor of the Exchequer if he will estimate the additional income from income tax for 1982–83 including investment income surcharge if income above £25,000 were charged to tax at 85 per cent. in addition to investment income surcharge.
§ Mr. RidleyAssuming the increased rates produced no behavioural changes, the additional revenue due in a full year at 1982–83 income levels would be £530 million.
§ Mr. Watsonasked the Chancellor of the Exchequer if he will estimate the sum by which revenue from income tax, including investment income surcharge, would have been reduced for 1982–83 if income above £25,300 per year were taxed at 50 per cent.
§ Mr. RidleyThe fall in revenue due in a full year at 1982–83 income levels would be £170 million. This is on the assumption that the rate of tax on taxable income above £25,300 would be 50 per cent., exclusive of the investment income surcharge, which would continue to be charged at 15 per cent. on investment income above the exemption limit.