§ Mr. BayleyTo ask the Chancellor of the Exchequer if he will estimate the full year yield of restricting income tax relief available at the 40 per cent. marginal rate to(a) £2,000, (b) £3,000, (c) £4,000, (d) £6,000 and (e) £8,000, (i) including and (ii) excluding profit-related pay, giving in each case the number of people affected. [7064]
§ Mr. JackThe full-year yield of restricting income tax reliefs, but not personal allowances, for higher rate taxpayers only and the number of people affected at 1996–97 income levels are given in the table. Detailed information is not available to provide estimates taking account of profit-related pay.
Upper limit for total allowances1 Yield in full year £ million Number of higher rate taxpayers thousands 2,000 1,100 890 3,000 830 490 4,000 680 310 6,000 500 160 8,000 400 100 1Including only reliefs available at 40 per cent. marginal rates and excluding profit related pay. The estimates do not take account of any behavioural effects which might result from the introduction of such a limit.