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Income Tax

Volume 897: debated on Monday 4 August 1975

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asked the Chancellor of the Exchequer what would be the annual loss to the Treasury on the latest available figures of a reduction in income tax of 10 per cent. across the board on salary income.

I regret that information is not available on which to base an estimate for salary incomes as distinct from wages and salaries. The estimated cost for 1975–76 of a 10 per cent. reduction in the tax paid on wages and salaries by taxpayers whose main source of income is wages or salaries is about £1,140 million. A reduction of 10 percentage points on all rates of income tax on the same income would cost about £3,200 million.