§ Mr. Austin Mitchellasked the Chancellor of the Exchequer whether he will bring up to date the information concerning the number of tax units with investment income published in the Official Report on 18 January 1984, Official Report, column 218, in reply to the hon. Member for Great Grimsby.
§ Mr. Norman LamontThe Inland Revenue's survey of personal incomes does not provide complete information on the distribution of investment income of basic rate taxpayers due to incomplete coverage of investment income on which the liability to basic rate tax has been satisfied, for example under the building societies' composite rate arrangements. The estimates in the tables below are based on a projection from the 1983–84 survey of personal incomes and are therefore likely to be incomplete for the lower income ranges. Total income includes only those forms of income liable to tax, before the deduction of personal allowances and reliefs.
Tax units with investment income in 1986–87 Single people under 65 Married one earner under 65 Married two earners under 65 Total Income Lower limits Numbers Average Investment Income Numbers Average Investment Income Numbers Average Investment Income (£ pa) ('000s) (£ pa) ('000s) (£ pa) ('000s) (£ pa) 2,000 440 920 150 710 70 560 5,000 610 1,000 380 560 290 840 10,000 320 1,800 340 1,100 570 720 15,000 110 3,400 180 1,300 590 990 20,000 65 4,600 150 2,800 580 1,700 30,000 40 15,000 110 7,800 260 5,100
Tax units with investment income in 1986–87 Single people under 65 Married one earner under 65 Married two earners under 65 Total Income Lower limits Numbers Average Investment Income Numbers Average Investment Income Numbers Average Investment Income (£ pa) ('000s) (£ pa) ('000s) (£ pa) ('000s) (£ pa) 2,000 570 740 190 480 50 370 5,000 370 2,500 320 1,500 190 1,000 10,000 100 7,000 70 3,700 110 2,800 15,000 50 11,000 35 7,800 65 5,300 20,000 30 17,000 30 11,000 60 8,100 30,000 20 37,000 20 28,000 30 16,000