HC Deb 03 April 1973 vol 854 cc81-2W
Mr. David Price

asked the Chancellor of the Exchequer what is his estimate of the different additional tax yields which would accrue to the revenue if all investment incomes were taxed at a 100 per cent. rate above an annual income of £1,000, £1,500, £2,500, £3,000, £4,000, £5,000, £10,000, £15,000 and £20,000, respectively; and what percentage of 1973–74 estimate of current receipts after Budget changes each of these extra yields would represent, investment income being defined in the same way as that used by the Inland Revenue in tables 16 to 22 of its Survey of Personal Incomes 1969–70.

Mr. Nott

I am not sure what the hon. Member has in mind but if he will write to me I will consider what information I can give him.

Mr. David Price

asked the Chancellor of the Exchequer what is his estimate of the different additional tax yields which would accrue to the Revenue if all income from whatever source were taxed at 100 per cent. rate above an annual income of £2,500, £3,000, £4,000, £5,000, £10,000, £15,000 and £20,000, respectively; and what percentage of the 1973–74 estimate of current receipts after budget changes each of these extra yields would represent.

Mr. Nott

On the basis that the income levels are before tax, the figures are:

£ Additional Revenue £ million As percentage of Taxation Receipts* Percent.
Above 2,500 4,600 26.4
3,000 2,900 16.6
4,000 1,400 8.0
5,000 750 4.3
10,000 75 0.4
15,000 30 0.2
20,000 20 0.1
* As given in table 9 of Financial Statement and Budget Report 1973–74.

Mr. David Price

asked the Chancellor of the Exchequer what is his estimate of the number of taxpayers who in 1973– 74 will have incomes above one-and-a-half times average national earnings, and of the total tax yield for 1973–74 from such taxpayers; and what is his estimate of the different additional tax yields accruing to the Revenue if such taxpayers were taxed on all income above one-and-a-half times national earnings at the marginal rate of 50 per cent., 60 per cent., 70 per cent., 80 per cent., 90 per cent. and 100 per cent., respectively.

Mr. Nott

The detailed information is being prepared and I will circulate it in the OFFICIAL REPORT in due course.