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Income Tax

Volume 930: debated on Thursday 21 April 1977

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asked the Chancellor of the Exchequer if he will list in the Official Report the total of all personal income which is currently taxed at the basic or higher rates of income tax, all those allowances which are deducted from income before tax is levied, together with the value of the income allowed and the tax expenditure involved and the total of personal income which would be taxed if no allowances were given.

, pursuant to his reply [Official Report, 31st March 1977; Vol. 929, c. 237], gave the following answer:

The estimates for 1976–77 are as follows:

£ billion

Taxable income48·7
Allowances and deductions33·1
Total income81·8
Cost of allowances and deductions (assuming 1976–77 tax rates would have been maintained in their absence)12·0