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Personal Taxation

Volume 130: debated on Monday 28 March 1988

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To ask the Chancellor of the Exchequer if he will estimate the tax paid in respect of the tax year 1987–88 by a married man aged 51 years with no dependent children who is in receipt for that year of a salary from his employer of £1 million, assuming he has a mortgage of £30,000, a business enterprise scheme investment of £40,000, an investment of £800,000 in a new enterprise zone unit trust of which 94 per cent. is attributable to building costs and where 50 per cent. of the purchase price is borrowed in circumstances where guaranteed rent receivable equals the interest outgoing, and an investment in forestry for which a schedule D basis is claimed and for which net revenue costs in the year amount to £10,000, and who makes a contribution to a retirement annuity scheme amounting to £195,000.

[holding answer 7 March 1988]: Liability to income tax in 1987–88 would be nil.