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Tax Surcharges And Thresholds

Volume 891: debated on Monday 28 April 1975

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asked the Chancellor of the Exchequer what is the number of new assessments brought under surcharge taxation by the present thresholds of (a) £1,000 and (b) £1,500 and the amounts of revenue produced.

The number of taxpayers made liable to the investment income surcharge for 1974–75 by the reduction in the threshold from £2,000 to £1,000 or £1,500 for the elderly is estimated at about 280,000 and the additional yield from them at £10 million. Of this number about 70,000 are elderly taxpayers and the yield from them—included in the £10 million—is estimated as £2 million. The total full-year yield of the reduction in the threshold, including the extra tax paid by those already liable to the surcharge, is estimated at about £40 million at 1974–75 income levels.