asked the Chancellor of the Exchequer what would be the loss to the Exchequer if the first £1,000 of investment income was exempt from income tax.

, pursuant to his reply [Official Report, 15th December 1977; Vol. 941, c. 325], gave the following information:About £650 million-£700 million for 1977–78, on the assumption that the investment income surcharge continues to apply to investment income in excess of £1,500—or £2,000 in the case of elderly taxpayers.