§ Mr. FormanTo ask the Chancellor of the Exchequer what would be the level of taxable income at which a 50 per cent. rate of income tax would need to be introduced in order to raise £750 million and £1,000 million, respectively.
§ Mr. MaudeIf the tax bands proposed for 1991–92 were amended so that tax was charged at 50 per cent. on taxable income above £90,000, the additional yield of income tax for 1991–92 would be about £750 million. The corresponding level of taxable income for an additional yield of £1 billion would be £69,000. Taxable income is after deducting reliefs and allowances.
§ Mr. Nicholas BrownTo ask the Chancellor of the Exchequer if he will estimate the number of taxpayers who have incomes below(a) £3,500 a year, (b) £4,000 a year, 211W (c) £4,500 a year, (d) £5,000 a year and (e) £5,500 a year, giving figures separately for individuals and married couples.
§ Mr. MaudeThe information requested is as follows:
Estimated numbers of taxpayers 1990–91 Thousands Single people Husbands Wives Income below £3,500 230 0 350 £4,000 620 0 670 £4,500 1,110 0 990 £5,000 1,520 60 1,300 £5,500 1,940 190 1,590
§ Mr. Nicholas BrownTo ask the Chancellor of the Exchequer what would be the effect on tax revenues in 1991–92 and in a full year of the introduction of a reduced rate band of income tax at 23 per cent. on the first(a) £1,000 and (b) £2,000 of taxable income.
§ Mr. MaudeThe direct revenue costs in a full year at 1991–92 levels of income are estimated to be(a) £500 million and (b) £950 million.
§ Mr. Nicholas BrownTo ask the Chancellor of the Exchequer if he will estimate the effect on tax revenues in 1992–93 and in a full year of indexing income tax personal allowances in line with earnings rather than prices, based upon current forecasts for earnings and inflation.
§ Mr. Nicholas BrownTo ask the Chancellor of the Exchequer if he will publish a table estimating the tax benefit of the personal use of a company car for a married man with a non-earning wife with earnings of £40,000 per annum, assuming that the car is under four years old and its original market value is £18,000, with average business mileage in 1991–92.
§ Mr. MaudeFor a car with original market value of less than £19,250 and average business mileage, the tax due from a higher rate taxpayer on the car benefit scale charges proposed for 1991–92 are in the table.
Car engine size Tax (£) 1400cc or less 820 1401 to 2000cc 1,060 2001cc or more 1,700
Direct effects of illustrative changes in Income Tax and Corporation Tax1 £ million cost/yield Cost/yield in 1991–92 Cost/yield in 1992–93 Income Tax Rates Change basic rate by 1p2 1,900 2,000 Change higher rate by 1p 180 325 Allowances Change personal allowance by £100 480 635 Change age-related personal allowances3 by £100 41 60 Change married couples allowance by £1004 220 290 Change age-related married couples allowances3 by £100 19 25