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Mr. Arthur Lewis
asked the Chancellor of the Exchequer whether he will publish in the OFFICIAL REPORT a table of figures giving the net return to a single man after payment of normal taxation receiving a salary of £14,000 per annum of which £4,000 is tax free, £20,000 of which £5,000 is tax free, and what a capital sum of £37,000 to such a person would be worth if normal taxation were paid thereon, if no tax were paid and if capital gains tax were levied.
Mr. Patrick Jenkin
The net amounts after tax are as follows:
|Salary of £14,000||Salary of £20,000|
|Net income from salary||10,088||12,914|
|Net addition if the extra £37,000 were treated as:|
|(a) earned income||9,877||9,279|
|(b) investment income||4,951||4,353|
|(c) not taxable||37,000||37,000|
|(d) a realised capital gain||25,900||25,900|