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Income Tax

Volume 927: debated on Tuesday 1 March 1977

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asked the Chancellor of the Exchequer if he will estimate the revenue cost of cutting to 25 per cent. the rate of income tax on (a)the first £500, (b)the first £1·000 and (c)the first £2,500 of taxable income.

At 1976–77 levels of income and allowances the costs of applying a 25 per cent. rate of income tax to the first £500, £1,000 and £2,500

United KingdomEnglandScotlandWales
Total value of relief (£m.)1,1001,0104535
Average relief per mortgagor (£)183190150140
Average relief per owner occupied dwelling (£)1011077058
Average relief per head of population (£)2022913