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Income Tax

Volume 929: debated on Monday 4 April 1977

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asked the Chancellor of the Exchequer what would be the cost, both in 1977–78 and in a full year, of raising the P 11 D limit, defining higher-paid employees for the purposes of Section 69 of the Finance Act 1976, from £5,000 to (a) £6,000, (b) £7,000 and (c) £8,000.

asked the Chancellor of the Exchequer, of the estimated outturn of income tax for 1976–77 of £17,030 million, and the 1977–78 forecast after all Budget changes including those of a conditional nature of £18,065 million, what amount relates to each case to tax at the higher rates.

asked the Chancellor of the Exchequer what is his estimate of the breakdown of the £2,293 million of income tax reliefs granted in his Budget between the amount that will accrue to taxpayers with incomes of £4,000 or less and the amount that will accrue to those with incomes in excess of £4,000; and what the corresponding amount would have been merely to keep pace with inflation over the past 12 months.

asked the Chanlor of the Exchequer if a high income-tax payer will be given the option, if it is to his advantage of refusing the minimum grant of £80 for the next academic year and keeping the child tax allowance at the 1976–77 level.

I shall let the right hon. Member have a reply as soon as possible.