Incomes (Hansard, 20 February 1990)

§ Mr. Chris Smith
To ask the Chancellor of the Exchequer what was the investment income and earned income in 1988–89 and 1989–90 of(a) the top 1 per cent., (b) the top 5 per cent., (c) the top 20 per cent., (d) the top 30 per cent., (e) the bottom 70 per cent., (f) the bottom 50 per cent. of taxpayers and (g) all taxpayers.

§ Mr. Lilley
Estimates are given in the table. They are based on a projection of the 1987–88 survey of personal incomes and are provisional. All estimates are subject to a large degree of uncertainty since some investment income on which tax is deducted at source is not reflected in the survey.

§ Mr. Lilley
The information the hon. Member requested is as follows. Information for the 10 water companies is not yet available. The latest Treasury stock exchange survey showed that in 1989 there were 9 million individual shareholders in the United Kingdom, three times as many as in 1979.
691W

Company Date of Privatisation Size of share register

Initial Highest since Privatisation Current¹

Associated British Ports ⁶February 1983 37,205 12,321 (July 1989)

Enterprise Oil June 1984 13,700 14166 (January 1985) 9,553 (December 1988)

Jaguar July 1984 125,000 64,126 (November 1984) 42,000 (March 1989)

British Telecom November 1984 2,051,373 1,649,722 (November 1985) 1,203,243 (March 1989)

British Gas December 1986 4,407,100 3,100,000 (July 1987) 2,661,018 (January 1989)

British Airways February 1987 1,100,000 450,000 (July 1987) 338,350 (May 1989)

Rolls Royce May 1987 2,000,000 925,000 (December 1987) 846,950 (December 1988)

BAA July 1987 2,187,500 1,064,815 (January 1988) 889,067 (January 1989)

British Steel December 1988 650,000 400,000 (January 1989)

¹ Figures taken from the latest available reports and accounts.

² Three further sales in November 1979, September 1983 and October 1987.

³ There was a second issue in May 1985 with 260,000 successful applications.

⁴ Two further issues took place in November 1983 and December 1988.

⁵ Second issue in August 1985 with 241,000 successful applicants. Became a BP subsidiary in 1988.

⁶ A sale of the residual shareholding took place in April 1984.

Company	Date of Privatisation	Size of share register
		Initial	Highest since Privatisation	Current¹
Associated British Ports	⁶February 1983	37,205	12,321 (July 1989)
Enterprise Oil	June 1984	13,700	14166 (January 1985)	9,553 (December 1988)
Jaguar	July 1984	125,000	64,126 (November 1984)	42,000 (March 1989)
British Telecom	November 1984	2,051,373	1,649,722 (November 1985)	1,203,243 (March 1989)
British Gas	December 1986	4,407,100	3,100,000 (July 1987)	2,661,018 (January 1989)
British Airways	February 1987	1,100,000	450,000 (July 1987)	338,350 (May 1989)
Rolls Royce	May 1987	2,000,000	925,000 (December 1987)	846,950 (December 1988)
BAA	July 1987	2,187,500	1,064,815 (January 1988)	889,067 (January 1989)
British Steel	December 1988	650,000	400,000 (January 1989)
¹ Figures taken from the latest available reports and accounts.
² Three further sales in November 1979, September 1983 and October 1987.
³ There was a second issue in May 1985 with 260,000 successful applications.
⁴ Two further issues took place in November 1983 and December 1988.
⁵ Second issue in August 1985 with 241,000 successful applicants. Became a BP subsidiary in 1988.
⁶ A sale of the residual shareholding took place in April 1984.