§ Mr. David Watkinsasked the Chancellor of the Exchequer (1) what would be the estimated revenue from a tax on private wealth-holding in the United Kingdom which exempted the first £10,000, applied at 1 per cent. between £10,000 and £20,000 and progressed at an additional 1 per cent. for each successive £10,000 to a maximum 10 per cent. on wealth in excess of £100,000; and how many people he estimates would be liable for such a tax;
(2) what would be the estimated revenue from a wealth tax which exempted the first £20,000, applied at 1 per cent. between £20,000 and £30,000 and progressed at an additional 1 per cent. for each successive £10,000 to a maximum of 10 per cent. on wealth in excess of £110,000; and how many people he estimates would be liable;
(3) what would be the estimated revenue from a wealth tax which exempted the first £30,000, applied at 1 per cent. between £30,000 and £40,000 and progressed at an additional 1 per cent. for each successive £10,000 to a maximum of 10 per cent. on wealth in excess of £120,000; and how many people he estimates would be liable;
(4) what would be the estimated revenue from a wealth tax which exempted the first £30,000, applied at 1 per cent. between £40,000 and £50,000 and progressed at an additional 1 per cent. for 179W each successive £10,000 to a maximum of 10 per cent. on wealth in excess of £130,000; and how many people he estimates would be liable;
(5) what would be the estimated revenue from a wealth tax which exempted the first £50,000, applied at 1 per cent. between £50,000 and £60,000 and progressed at an additional 1 per cent. for each successive £10,000 to a maximum of 10 per cent. on wealth in excess of £140,000; and how many people he estimates would be liable.
§ Mr. NottThe estimates for such a tax would depend on its precise scope and are liable to wide margins of error. As with previous similar costings no account has been taken of the depletion or redisposition of personal wealth which might result from the tax and lower its yield, nor of any secondary effects on other taxes. On the basis of the valuation of estates for estate duty in 1970–71 the estimated figures are as fellows. The suggested taxes would yield £1,300 mil-
Year Total Allocations Allocations to persons living within the area Allocations to persons on the emergency list Others (1) (2) (3) (4) (5) 1969 … … … … 2,165 1,494 28 643 1970 … … … … 2,289 1,402 93 794 1971 … … … … 2,393 1,357 282 754 1972 (to 31st October) … 2,420 1,362 84 974 The figures in column (4) relate to emergency cases generally and not only to persons from rio areas.