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Income Tax

Volume 981: debated on Wednesday 19 March 1980

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asked the Chancellor of the Exchequer what would be the estimated loss to the Revenue in the year 1980–81 if the highest rate of tax on (a) earned and (b) unearned income were 50 per cent. and 70 per cent. respectively.

[pursuant to his reply, 17 March 1980]: I assume the hon. Member has in mind restricting the top rate of income tax to 50 per cent. and charging the investment income surcharge at 20 per cent. At 1979–80 income levels the best estimate of the revenue cost is about £35 million.