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Old People's Savings

Volume 927: debated on Tuesday 1 March 1977

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asked the Chancellor of the Exchequer what has been the yield to the revenue of the investment income surcharge levied on age-retired persons in the last two financial years; and what is the estimated yield for the current year.

pursuant to the reply [Official Report, 25th February 1977; Vol. 9246, c. 745–6], gave the following information;For 1974–75, the latest year for which information from the Survey of Personal Incomes is available, the amount of investment income surcharge payable by taxpayers aged 65 and over was £90 million. It is estimated that for 1975–76 and 1976–77 the amounts payable are about £100 million and about £130 million respectively.

asked the Chancellor of the Exchequer if he will publish in the Official Report the number of age-retired persons, men aged 65 years and women aged 60 years, whose sole source of income is savings and who have paid the investment income surcharge thereon in the last three financial years.

pursuant to the reply [Official Report, 25th February 1977; Vol. 926, c. 745–6], gave the following information:I regret that information in the exact form requested is not available. In 1974–75 there were about 10,000 taxpayers aged 65 and over whose only source of income was investment income and who paid investment income surcharge. The estimated numbers for 1975–76 and 1976–77 are 10,500 and 11,500, respectively. A married couple is counted as one taxpayer.

asked the Chancellor of the Exchequer if he will consider lifting the threshold for the investment income surcharge of £3,000 in respect of the small group of age-retired persons whose sole income is derived from savings.

pursuant to the reply [Official Report, 25th February 1977; Vol. 926, c. 745–6], gave the following information:I have noted the hon. Member's suggestion.