§ Mr. Sillarsasked the Chancellor of the Exchequer what percentage rate would be required for a tax on personal wealth over £50,000 to reach a target Exchequer receipt of £350 million from such a source.
§ Mr. Patrick JenkinAbout 3 per cent.
§ Mr. Sillarsasked the Chancellor of the Exchequer what is his estimate of the income to the Exchequer of a wealth tax at a rate of 5 per cent. per annum, on the assumption that personal wealth up to £20,000, £40,000, and £100,000, respectively, would be exempted from such a tax.
§ Mr. Patrick JenkinOn the assumption that the charge was confined to the slice above the suggested limits the estimated yield for a full year is as follows:
Exemption limit Yield of 5% Wealth Tax £m £20,000 … … 1,000 £40,000 … … 700 £100,000 … … 350
§ Mr. Sillarsasked the Chancellor of the Exchequer what is his estimate of the income to the Exchequer of a wealth tax at a rate of 1 per cent., and 2 per cent., respectively, per annum, on the assumption that personal wealth up to £50,000 would be exempted from such a tax.
§ Mr. Patrick Jenkin£120 million and £240 million per annum respectively on the assumption that the charge was confined to the slice above £50,000.