§ 1. Mr. Gwilym Robertsasked the Chancellor of the Exchequer what estimates he has made of the annual yields from wealth taxes directed at wealth in excess of £20,000; if he will now introduce an autumn Budget to tax wealth; and if he will now make a statement on the Government's plans regarding a tax on wealth.
§ The Chief Secretary to the Treasury (Mr. Diamond)A 1 per cent. tax on wealth in excess of £20,000 owned by individuals would yield about £180 million, although because of the varying demand effects it certainly cannot be assumed that this would enable other taxes to he reduced by an equivalent amount. My right hon. Friend has no plans for an autumn Budget. I have no statement to make about future plans.
§ Mr. RobertsIs my right hon. Friend aware that millions of people who work for their living and pay taxes are very disappointed at the lack of urgency expressed by the Treasury in this matter? 174 Does he not realise that the introduction of a redistributive wealth tax this autumn would have a material effect on the climate of opinion behind the prices and incomes policy?
§ Mr. DiamondI have listened carefully to what my hon. Friend has said, but I have no further statement to make.
§ Mr. John HallCan the right hon. Gentleman tell the House whether the Inland Revenue is in any position to accept the burden of imposing another tax? Has it sufficient staff?
§ Mr. DiamondIt is well known that a wealth tax does create problems of valuation.