HC Deb 13 May 1987 vol 116 cc218-9W
Mr. Austin Mitchell

asked the Chancellor of the Exchequer, further to the reply dated 8 April, Official Report, columns 267–9, concerning the income distribution of those of working age with unearned income, whether he will provide figures for the tax yield in the case of those with unearned income of more than £500 a year; and if he will provide like figures for those over working age.

Mr. Norman Lamont

The tables provide provisional estimates for 1987–88 of single people and married couples with investment income of more than £500 per annum, and their total income tax liabilities. Estimates for ranges other than the higher income ranges are likely to be incomplete as tax offices do not need to have comprehensive information about individuals' investment income on which the liability to basic rate tax has been satisfied at source.

Total income tax liabilities in 1987–88 for single people and married couples with investment incomes of more than £500 per annum
(£ million)
Total income1 (lower limit) Tax units2 aged under 653 Tax units2 aged 65 and over3
£ per annum Single people Married couples with no wife's earned income Married couples with wife's earned income Single people Married couples with no wife's earned income Married couples with wife's earned income
2,000 40 negligible negligible 40 negligible negligible
5,000 70 20 10 100 40 negligible
7,000 160 50 40 190 90 50
10,000 80 80 60 110 50 50
12,000 170 110 190 150 80 70
15,000 280 190 690 170 120 150
20,000 340 470 1,450 200 180 260
30,000 300 760 1,910 160 180 180
50,000 410 1,190 1,640 180 260 230
1 Gross income for income tax purposes.
2 Counting each married couple as one unit and combining the partners' incomes.
3 A married couple is taken to be aged 65 or over if at least one partner is aged 65 or over.