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Income Tax

Volume 887: debated on Monday 24 February 1975

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ask the Chancellor of the Exchequer what is the net effect of take-home pay for a married man who takes a cut in gross salary from £47,915 per annum to £30,000 per annum.

Assuming that 1974–75 tax rates and allowances applied to both salaries the reduction in annual pay net of tax would be £3,045.55.