HC Deb 16 June 1988 vol 135 c258W
19. Ms. Quin

To ask the Chancellor of the Exchequer what is the average post-tax income now received by the wealthiest 2 per cent. of taxpayers.

86. Mr. Steinberg

To ask the Chancellor of the Exchequer what is the average post-tax income now received by the wealthiest 2 per cent. of taxpayers.

Mr. Norman Lamont

The average post-tax income in 1988–89 of the top 2 per cent. of income tax payers is expected to be about £46,000.

30. Mr. Graham

To ask the Chancellor of the Exchequer what will be the gain to a man earning £1 million a year who also inherits £1 million in the 1988–89 tax year as a result of the changes made in the Finance (No. 2) Bill.

38. Mr. Henderson

To ask the Chancellor of the Exchequer what will be the gain to a man earning £1 million a year who also inherits £1 million in the 1988–89 tax year as a result of the changes introduced in the Finance (No. 2) Bill.

Mr. McAllion

To ask the Chancellor of the Exchequer what will be the gain to a man earning £1 million a year who also inherits £1 million in the 1988–89 tax year, as a result of the changes proposed in the Finance (No. 2) Bill.

Mr. Norman Lamont

A married man with earnings of £1 million and no other income in 1988–89 who claims no allowances or reliefs other than the married man's allowance would be liable to £193,914 less income tax as a result of the proposals in the Finance (No. 2) Bill. The inheritance tax liability on a £1 million legacy would normally be borne by the testator's residuary estate and not by the beneficiary.

60. Mr. Darling

To ask the Chancellor of the Exchequer what is the average share of post-tax income now received by the wealthiest 1 per cent. of tax payers.

95. Mr. Andrew Smith

To ask the Chancellor of the Exchequer what is the average share of post-tax income now received by the wealthiest 1 per cent. of taxpayers.

Mr. Norman Lamont

The top 1 per cent. of income tax payers will receive about 5 per cent. of income tax payers' total income after tax in 1988–89.

Forward to