HC Deb 14 March 1977 vol 928 c102W
Mr. Woodall

asked the Chancellor of the Exchequer what would be the yield, for the latest year that estimates can be obtained, of a wealth tax levied at the following rates (a) the rates for Tax B in Command Paper No. 5704 beginning at 1 per cent. on wealth of £100,000 to £300,000 and rising to 5 per cent. on wealth over £5 million, (b) 3 per cent. on wealth above £50,000 and (c) 3 per cent. on wealth above £20,000.

Mr. Robert Sheldon

The estimated yield from individuals of a wealth tax with the rates mentioned in (a), (b) and (c) would be £190 million, £550 million and £1,085 million respectively. These estimates are based on the estimated distribution of wealth in Great Britain in 1974. There would in addition be a further yield, not readily quantifiable under basis (b) or (c), from certain kinds of trusts. Under basis (a) the additional yield has been estimated as between £80 million and £230 million.