§ Mr. Campbell-Savoursasked the Chancellor of the Exchequer (1) what was the total amount of revenue accruing to the Exchequer from (a) income tax, (b) investment income surcharge, (c) capital transfer tax, (d) capital gains tax and (e) income tax above the basic rate in each year since 1979 in real terms, calculated at (i) 1979 prices and (ii) 1984 prices;
64W(2) what is the total amount of revenue expected to accrue to the Exchequer from (a) income tax, (b) investment income surcharge, (c) capital transfer tax, (d) capital gains tax and (e) income tax above the basic rate in the years 1984–85 and 1985–86.
§ Mr. John Moore[pursuant to his replies, 7 February 1985, c. 673]: The information in respect of years up to 1984–85, for total income tax, capital gains tax and capital transfer tax receipts, is as shown. The figures have been converted to constant prices using the GDP deflator.
Net receipts £ million 1978–79 prices 1984–85 prices Income tax Capital gains tax Capital transfer tax* Income tax Capital gains tax Capital transfer tax* 1978–79 18,750 355 370 33,350 630 655 1979–80 17,620 370 370 31,340 655 660 1980–81 17,520 365 325 31,170 650 580 1981–82 18,840 345 325 33,510 610 580 1982–83 18,740 390 315 33,330 690 560 1983–84 18,420 395 360 32,770 705 635 †1984–85 19,000 400 380 33,800 710 680 * Including estate duty. † Estimated. Revised estimate of tax receipts for 1984–85 and a forecast for 1985–86 will be published in the Financial Statement and Budget Report on 19 March.
It is not possible to distinguish receipts of investment income surcharge and tax in excess of the basic rate. The estimated percentage breakdown for each year on the basis of tax liabilities in respect of income in each year is as follows:
Percentages of income tax liabilities Tax at basic rate Tax in excess of the basic rate* Investment income surcharge 1978–79 94.8 4.0 1.2 1979–80 95.6 3.4 1.0 1980–81 95.5 3.6 0.9 1981–82 94.6 4.4 1.0 1982–83 94.7 4.4 0.9 1983–84 94.8 4.2 1.0 1984–85 95.3 4.7 — * Excluding investment income surcharge.