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Income Tax

Volume 888: debated on Wednesday 19 March 1975

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asked the Chancellor of the Exchequer what would be the cost in lost revenue of introducing a 20 per cent. tax rate on (1) the first £200 of taxable income, and (2) the first £400 of taxable income.

On the basis of 1974–75 income levels, tax rates and allowances the estimated costs would be about £630 million and £1,200 million respectively.

asked the Chancellor of the Exchequer (1) how much tax per annum would be paid by a married man with two children with a net earned income after tax of (a) £10,000 a year and (b) £16,000 a year; and, of the total tax liability, how much relates to the top slice of £5,000 and £11,000, respectively;(2) how much tax per annum would be paid by a married man with two children with a net earned income after tax of (

a) £8,000 a year and ( b) £14,000 a year; and, of the total tax liability,

Gross income

Tax

Income after tax

Top slice of income after tax

Tax on gross income corresponding to net income in column (d)

(a)(b)(c)(d)(e)
13,9395,9398,0005,0005,098
20,90110,90110,0005,0008,938
44,16930,16914,00011,00029,328
55,93339,93316,00011,00037,970