HC Deb 02 August 1962 vol 664 c780
21. Mr. Wainwright

asked the Chancellor of the Exchequer if he will introduce in the next financial year a tax on personal wealth as stated in the following terms, namely, half per cent. on all personal wealth of £20,000 to £50,000, one per cent. tax on all personal wealth of over £50,000 to £100,000, two per-cent. tax on all personal wealth of £100,000 to £200,000, three per cent. tax on all personal wealth of £200,000 to £300,000, four per cent. tax on all personal wealth of £300,000 to £400,000 and five per cent. tax on all personal wealth of over £400,000.

Mr. Barber

I could not anticipate my right hon. Friend's Budget.

Mr. Wainwright

Could the Financial Secretary give far better reasons than he has done why he cannot anticipate his right hon. Friend's Budget statement? Is it not true that there is probably about £350 million to be raised from this source, and does not the right hon. Gentleman realise that if he cannot find the money to increase old-age pensions and pensions of widows in this country there is here a source from which he can easily obtain this money, especially from those with higher incomes?

Mr. Barber

I do not think the hon. Gentleman is on very firm ground when he refers to the old-age pensions, if he has kept in mind their real value and purchasing power as compared with previous years. I can only say to him that he has made his point and that this is obviously a matter for the Budget, and that we must leave it there.