§ Dr. VisTo ask the Chancellor of the Exchequer if he will calculate the revenue impact of imposing an additional 1 per cent. annual tax on individuals whose assets exceed £1 million. [17040]
§ Dawn PrimaroloIt is not possible to assess precisely the number and wealth of millionaires in the United Kingdom at any one time. The only available estimates are derived from inheritance tax data on a year-of-death basis. On this basis it is provisionally estimated that living individuals with net marketable wealth—that is, excluding pension rights—exceeding £1 million in 1994, the latest available year, owned assets totalling £116 billion, of which 1 per cent. represents just over £1 billion.