asked the Minister for Finance the division between the income tax and sur-tax collected in 1963-64 to total £40,209,000.
Written Answers. - Income Tax and Sur-Tax.
119.
The information required by the Deputy is as follows:-
|
Income Tax |
£38,039,000 |
|
Sur-tax |
£2,170,000 |
The figure for income tax includes the sum of £791,000 drawn from the revenue balances.
120.
asked the Minister for Finance if he will state in respect of the financial year 1963-64 the estimated number of individual income tax payers, excluding companies, and the estimated number of sur-tax payers.
Basic statistical material is not yet available on which the estimates requested by the Deputy could be based.
121.
asked the Minister for Finance the total amount of income tax collected, excluding sur-tax, the amount of sur-tax and the number of persons concerned in respect of the financial years 1962-63 and 1963-64.
Following is the information:
|
Year |
Income Tax collected |
Sur-tax collected |
Estimated Number of Income Tax payers |
Estimated Number of Sur-tax payers |
|
£ |
£ |
|||
|
1962-63 |
33,943,000 |
2,226,000 |
297,000* |
4,500 |
|
1963-64 |
37,248,000 |
2,170,000 |
† |
† |
*The figure includes an estimate of 6,800 in respect of companies chargeable to Income Tax,
†ot yet available.
122.
asked the Minister for Finance if he will give particulars of the produce of income tax for each of the years 1961-62, 1962-63 and 1963-64 in the terms of the reply to Question No. 67 of 28th February, 1963; and, if any such information is not available, the date on which it will be available.
Particulars in respect of the years 1962-63 and 1963-64 will not be available until mid-1964 and mid-1965, respectively. The figures for the year 1961-62 are as follows:
Net Produce of Income Tax under each Schedule 1961-62
|
£ |
|
|
Schedule A |
1,295,000 (4.6%) |
|
Schedule B |
66,100 (0.2%) |
|
Schedule C |
493,300 (1.7%) |
|
Schedule D |
15,511,500(54.8%) |
|
Schedule E |
10,961,300(38.7%) |
|
28,327,200(100%) |
123.
asked the Minister for Finance the cost to the Exchequer of reducing the standard rate of income tax from 6/4d. to 6/- in the pound, differentiating, if possible, between the cost if such reduction was available only for personal assessments on the one hand, and company assessments on the other.
It is estimated that the cost of reducing the standard rate of income tax from 6/4d. to 6/- in the £ would be about £2,250,000 in a full year. As regards the second part of the Deputy's question, information is not available which would enable this figure to be apportioned between individuals and companies.
124.
asked the Minister for Finance the amount that a married man with two children under eleven years of age with no unearned income would have available to spend after paying income tax and sur-tax at the rates in force for 1963-64 if his earned income was £1,000, £1,500, £2,000, £2,500, £3,000, £4,000 and £5,000, respectively.
Following is the information:
|
Total amount of earned income |
Net amount remaining after payment of Income Tax and Surtax |
||
|
£ |
£ |
s. |
d. |
|
1,000 |
963 |
5 |
4 |
|
1,500 |
1,344 |
10 |
4 |
|
2,000 |
1,725 |
15 |
4 |
|
2,500 |
2,067 |
8 |
8 |
|
3,000 |
2,409 |
2 |
0 |
|
4,000 |
2,984 |
3 |
8 |
|
5,000 |
3,542 |
10 |
4 |
125.
asked the Minister for Finance what would have been the cost to the revenue of increasing the married allowance for income tax purposes for the years 1962-63, 1963-64 and 1964-65, respectively, by £20 per annum on the basis that it is (a) the first year in which such alteration was made, (b) the second year, and (c) a year in which the full effect of the alteration was felt.
The cost, on a current basis, of increasing the married allowance by £20 is estimated at £510,000 in the first year and £600,000 in a full year. There would be no significant difference between second year cost and the cost in a full year.
126.
asked the Minister for Finance the number of income tax payers claiming a personal single allowance for the last year for which such information is available, and the cost to the Exchequer estimated for 1963-64 and 1964-65, respectively, of an increase in such allowance of £16; and if he will give similar information in relation to the personal married allowance, but for an increase of £26.
There are no records available to show the number of individuals who claimed the single personal allowance or the married personal allowance, respectively, in any financial year. It may be stated, however, that the total number of individuals in respect of whom allowances were granted in assessments for 1961/62 was approximately as follows:
|
Single Allowance |
183,000 |
|
Married Allowance |
73,000 |
The cost, on a current basis, of increasing the allowances as indicated in the Deputy's Question is estimated as follows:
|
First Year Cost |
Full Year Cost |
|
|
Single Allowance (increase by £16) |
1,135,000 |
1,335,000 |
|
Married Allowance (increase by £26) |
650,000 |
770,000 |
127.
asked the Minister for Finance the present upper limit of income on which earned income relief is granted and the estimated cost of increasing such upper limit in 1963-64 and 1964-65 by £500.
Earned Income Relief is at present granted on so much of earned income as does not exceed £2,000. The cost, on a current basis, of raising this limit by £500 is estimated at £265,000 in the first year and £330,000 in a full year.
128.
asked the Minister for Finance the present dependent relative allowance, the number of claims for such allowance made in the last year for which such information is available, and the cost of increasing such allowance in 1963-64 and 1964-65 by £10.
The present amount of the dependent relative allowance for the purposes of income tax and sur-tax is £60. The amount of the allowance is reduced £ for £, according as the dependent relative's income exceeds £120.
There are no records available to show the number of persons in respect of whom a claim was made in any financial year. It may be stated, however, that the total number of dependent relatives in respect of whom income tax allowances were granted in assessments for 1961-62 was approximately 43,000.
The cost, on a current basis, of increasing the allowance by £10 is estimated at £160,000 in the first year and £190,000 in a full year.
129.
asked the Minister for Finance the present allowance made for each child for income tax purposes, the number of children for which a claim was made for the last income tax year for which this information is available, and the cost of increasing such allowance by £10 in 1963-64 and 1964-65.
The present amount of the child allowance for the purposes of income tax and sur-tax is £120. The amount of the allowance is reduced £ for £, according as the child's income exceeds £80.
There are no records available to show the number of children for whom a claim was made in any financial year. It may be stated, however, that the total number of children in respect of whom Income Tax allowances were granted in assessments for 1961-62 was approximately 85,000.
The cost, on a current basis, of increasing the allowance by £10 is estimated at £305,000 in the first year and £360,000 in a full year.