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Unearned Income

Volume 116: debated on Friday 15 May 1987

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asked the Chancellor of the Exchequer what would be the annual saving to the Exchequer from unearned income paid abroad if the tax credit was raised from 27 per cent. to 35 per cent.

[pursuant to his reply, 30 April 1987, c. 232]: A system involving a rate of tax credit and ACT 8 percentage points above the basic rate of income tax and the small companies rate of CT would be administratively complex and could lead to a substantial loss to the Exchequer generally as well as in the specific case of unearned income paid abroad.