§ Mr. Laurence RobertsonTo ask the Chancellor of the Exchequer how much revenue was received(a) through taxes on savings and (b) taxes on savings on people over retirement age in each of the last three years. [36825]
§ Dawn Primarolo[holding answer 31 March 1998]Available estimates of the income tax liability on returns from savings are given in the table. These are based on projections of the 1995–96 Survey of Personal Incomes and other statistical sources in line with the economic assumptions of the Financial Statement and Budget242W Report, March 1998. The main components of savings income are bank and building society interest and dividends. Taxpayers over retirement age include women aged 60 and over and men aged 65 and over.
Full year yield from taxing savings income (£ billion) All taxpayers Taxpayers over retirement age 1996–97 5.9 2.1 1997–98 6.7 2.4 1998–99 7.0 2.6