§ Mr. Frank FieldTo ask the Chancellor of the Exchequer if he will estimate for 1995–96 the number of individuals whose gross income and capital gains exceed(a) £70,000, (b) £80,000 and (c) £100,000, in each case specifying the number paying capital gains tax. [25011]
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§ Sir George YoungAvailable information is in terms of taxable income and capital gains. Provisional estimates are given in the table:
Number of individual taxpayers, excluding trusts, 1995–96 Taxable income1 and gains2 over: Total Paying capital gains tax3 £70,000 220,000 19,000 £80,000 170,000 17,000 £100,000 110,000 14,000 1 Taxable income is defined as gross income for income tax purposes less those allowances and reliefs which are available at the taxpayer's marginal rate. 2 Taxable gains are chargeable gains net of reliefs and the annual exempt amount. 3 Figures exclude gains made by companies which are included under corporation tax.