§ Mr. Andrew SmithTo ask the Chancellor of the Exchequer if he will update his answer to the hon. Member for Sheffield, Attercliffe (Mr. Betts) of 1013W 3 November 1994, Official Report, columns 1283–84 on the tax liabilities of taxpayers in different income bands, giving figures for 1995–96 and estimates for 1996–97 based on the assumption of statutory indexation and including measures announced in the 1994 budget. [15677]
§ Sir George Young[holding answer 23 March 1995]: I regret that the earlier reply contained an incorrect table for 1995–96. An updated version of this table is as follows. The 1987–88 income tax regime has been indexed to 1995–96 levels by reference to the statutory formula and allowing for the effect of independent taxation of husbands and wives. Average earnings have increased by nearly 15 per cent. in real terms since 1987–88. Etimates for 1996–97 are not available.
Average reduction or increase (-) in 1995–96 compared with 1987–88 indexed regime Range of individuals income in 1995–96 (£) Income Tax (£) Income Tax and National Insurance (£) Under 5,000 50 60 5,000 to 10,000 140 180 10,000 to 15,000 150 220 15,000 to 20,000 160 180 20,000 to 25,000 210 180 25,000 to 30,000 250 170 30,000 to 40,000 -190 -280 40,000 to 50,000 -180 -270 50,000 to 70,000 1,040 940 70,000 to 80,000 3,440 3,330 Over 80,000 17,300 17,200 Average 280 290