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Mr. Arthur Lewis
asked the Chancellor of the Exchequer whether he will give a table of figures showing what a £16·50 per day tax-free allowance to be paid to Members of the House of Lords would be worth gross to a person with and without a married allowance for tax purposes who is in receipt of £1,000, £2,000, £3,000, £4,000, £5,000, £10,000, £20,000, £30,000 and £50,000 per annum.
Mr. Robert Sheldon
Assuming the tax rates and allowances proposed for 1977–78—including the reduction of the basic rate of income tax to 33 per cent.—the figures are as follows:
Value before tax of £16·50 per day tax-free allowance to: | ||||
Annual income | Single person | Married man | ||
£ | £ per day | £ per day | ||
1,000 | … | … | 24·63 | 23·89 |
2,000 | … | … | 24·63 | 24·63 |
3,000 | … | … | 24·63 | 24·63 |
4,000 | … | … | 25·34 | 25·01 |
5,000 | … | … | 26·95 | 26·18 |
10,000 | … | … | 45·84 | 44·07 |
20,000 | … | … | 91·43 | 90·12 |
30,000 | … | … | 97·06 | 97·06 |
50,000 | … | … | 97·06 | 97·06 |