§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer whether he will publish in theOfficial Report a table showing by range of income and tax status an estimate of the saving to the Exchequer in a full year by setting off investment income against mortgage interest qualifying for relief under the MIRAS scheme.
§ Mr. LilleyI shall answer when resources permit.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer (1) whether he will publish in theOfficial Report a table showing for those above and for those below pensionable age, the estimated number of tax units with an investment income in 1989–90 by range of total income up to a lower limit of £100,000, distinguishing between single persons, one-earner and two-earner married couples, together with the average investment income in each case; and if he will provide separate figures for those with an investment income of more than £200;
(2) whether he will publish in the Official Report a table showing for women above and for those below pensionable age, the estimated number of tax units with an investment income in 1989–90 by range of total income up to a lower limit of £100,000, distinguishing between single persons, one-earner and two-earner married couples, together with the average investment income in each case; and if he will provide separate figures for those with an investment income of more than £200;
§ Mr. LilleyAvailable estimates are in the tables. All estimates are provisional and subject to a wide margin of error because they are based on a projection of the 1986–87 survey of personal incomes and the coverage of investment income in the survey is incomplete. In some cases. investment income on which basic rate liability is satisfied by deduction at source is not reported. No reliable estimates can be given for single people and married couples with total income of less than £5,000.
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Table 1 Single people and married couples with investment income 1989–90 Total income (lower limit) Single people Married couples without wife's earned income with wife's earned income Number Investment income Number Investment income Number Investment income Total Average Total Average Total Average £p.a. '000s £ million £ '000s £ million £ '000s £ million £ Aged under 65 5,000 2,800 2,200 790 990 810 820 320 310 960 10,000 2,200 2,100 960 2,200 2,500 1,150 2,300 2,400 1,060 20,000 280 570 2,020 500 700 1,400 1,600 2,200 1,390 30,000 80 460 5,930 210 640 3,000 650 1,600 2,390 50,000 30 710 27,500 90 1,200 13,200 170 1,800 10,800 ALL 5,500 6,100 1,120 4,000 5,900 1,480 5,000 8,300 1,660 Aged 65 and over 5,000 540 1,200 2,290 430 670 1,560 160 220 1,400 10,000 210 1,200 5,820 250 910 3,630 260 770 2,950 20,000 50 640 14,100 50 490 9,810 120 890 7,160 30,000 20 470 23,500 30 470 16,500 60 780 13,900 50,000 20 830 52,600 20 690 35,500 20 550 30,800 ALL 840 4,400 5,280 800 3,200 4,160 620 3,200 5,210
Table 2: Single people and married couples with investment income of more than £200, 1989–90 Single people Married couples Total income (lower limit) without wife's earned income with wife's earned income Investment income Investment income Investment income Number Total Average Number Total Average Number Total Average £ p.a. 000s £ million £ 000s £ million £ 000s £ million £ Aged under 65 5,000 2,600 2,200 860 830 800 970 270 300 1,130 10,000 2,000 2,100 1,040 2,000 2,500 1,270 2,100 2,400 1,170 20,000 260 570 2,170 470 700 1,500 1,400 2,200 1,510 30,000 70 460 6,410 190 640 3,300 570 1,600 2,700 50,000 20 710 29,900 90 1,200 14,000 160 1,800 11,800 All 5,000 6,100 1,220 3,500 5,800 1,650 4,500 8,300 1,840 Aged 65 and over 5,000 520 1,200 2,370 400 660 1,680 140 220 1,520 10,000 210 1,200 5,850 240 910 3,730 250 770 3,060 20,000 50 640 14,100 50 490 9,850 120 890 7,170 30,000 20 470 23,500 30 470 16,600 60 780 13,900 50,000 20 830 52,600 20 690 35,500 20 550 30,800 All 820 4,400 5,410 740 3,200 4,380 590 3,200 5,410
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Table 3: Single females with investment income and married couples where the wife has investment income 1989–90 Single people Married couples Total income (lower limit) without wife's earned income with wife's earned income Investment income Wife's investment income Wife's investment income Number Total Average Number Total Average Number Total Average £ p.a. 000s £ million £ 000s £ million £ 000s £ million £ Aged under 65 5,000 1,500 1,300 870 700 340 480 240 120 510 10,000 780 900 1,140 1,600 880 550 1,800 1,000 570 20,000 90 230 2,680 340 190 570 1,200 790 640 30,000 20 220 10,900 140 100 700 530 380 720 50,000 — 180 48,700 60 140 2,260 130 310 2,320 All 2,400 2,800 1,180 2,800 1,700 580 4,000 2,600 670 Aged 65 and over 5,000 400 950 2,360 330 250 760 110 70 680 10,000 140 970 6,770 200 210 1,060 210 260 1,200 20,000 30 460 18,100 30 110 3,530 110 210 1,920 30,000 10 370 26,300 20 130 5,860 50 160 3,430 50,000 10 430 50,600 10 180 12,800 20 150 9,400 All 590 3,200 5,360 590 870 1,480 490 850 1,730
Table 4 Single females with investment income of more than £200 and married couples where the wife has investment income of more than £200: 1989–90 Total income (lower limit) Single people Married couples without wife's earned income with wife's earned income Number Investment Income Number Investment Wife's Income Number Investment Wife's Income Total Average Total Average Total Average £ p.a. 000s £ million £ 000s £ million £ 000s £ million £ Aged under 65 5,000 1,400 1,300 950 540 320 590 180 110 650 10,000 720 890 1,240 1,200 840 690 1,500 1,000 670 20,000 80 230 2,970 290 190 650 1,000 770 750 30,000 20 220 11,500 90 90 1,000 380 360 970 50,000 — 180 50,500 40 140 3,250 100 310 3,060 All 2,200 2,800 1,290 2,200 1,600 730 3,200 2,600 800 Aged 65 and over 5,000 390 940 2,450 210 230 1,140 80 70 880 10,000 140 970 6,810 170 210 1,210 180 250 1,430 20,000 30 460 18,100 30 110 3,900 100 210 2,130 30,000 10 370 26,300 20 130 6,090 50 160 3,610 50,000 10 430 50,600 10 180 13,200 20 150 9,880 ALL 580 3,200 5,510 440 860 1,960 410 850 2,040