§ Mr. Tony BanksTo ask the Chancellor of the Exchequer what is his estimate of the weekly gain of a single person earning £150,000 a year from his Budget tax changes.
§ Ms. MowlamTo ask the Chancellor of the Exchequer what is his estimate of the weekly gain of a single person earning £100,000 a year from his Budget tax changes.
§ Mr. Norman Lamont[pursuant to his reply, 30 March 1988]: I regret the figures given were incorrect. The answer should have been as follows:
The weekly gain from the Budget of a single person earning £100,000 and £150,000 a year, with no other income, would be £271.92 and £463.23 respectively. The figures refer only to income tax and assume that the taxpayer is entitled to no income tax reliefs or allowances other than the single person's allowance. The calculation is made by comparing the taxpayer's income tax liability under the 1987–88 tax regime with that under the proposed regime for 1988–89.