§ Mr. MacleanTo ask the Chancellor of the Exchequer (1) how many(a) UK citizens and (b) UK-registered companies paid capital gains tax on (i) stock market investments and (ii) other investments in each of the last three years; [117232]
(2) what was the annual revenue gained by the Treasury from (a) income tax and (b) capital gains tax on (i) stock market investments and (ii) other investments in each of the last three years; [117233]
(3) what annual revenue the Treasury received from investments in stocks and shares held by (a) UK citizens and (b) UK-registered companies in each of the last three years. [117234]
§ Dawn PrimaroloSuch information as is available for 1996–97 to 1998–99 on income tax, capital gains tax, corporation tax on capital gains and taxpayer numbers is given in the following tables. Tax is charged on the basis of UK tax residency or trading, and there is no information available to identify those who are UK citizens or UK registered companies.
Income tax from UK dividends and other investment income Amount of tax: £ billion Income tax liability from UK dividened Income Income tax from other investment income Total income taxliablity from investment income 1996–97 3.6 5.2 7.8 1997–98 3.9 5.1 9.0 1998–99 3.3 6.6 9.9 The figures are based on the Survey of Personal Incomes and exclude income of trusts.
The estimates are consistent with the March 2000 Budget.
Capital gains tax (CGT) liabilities and taxpayer numbers
It is not possible to directly attribute CGT liabilities to type of asset as certain reliefs eg Annual Exempt Amount are deducted from the aggregate gains of the taxpayer. However total CGT liabilities and taxpayer numbers (individuals and trusts) are as follows:
CGT accruals (£ billion) CGT taxpayer numbers (Thousand) 1996–97 1.45 119 1997–98 2.00 172 1998–99 2.40 185 The latest available information on the distribution of not gains (before relief at tax payer level) by type of asset 496W shows, for 1996–97, that 81 per cent. of gains were in respect of financial assets and 19 per cent. in respect of non-financial assets. Further details are available in Table 14.4 of Inland Revenue Statistics 1999.
Corporation tax on capital gains
Companies are charged to corporation tax on their total income including trading profits, net capital gains and other income. It is not possible to attribute part of the charge to investments in stocks and shares, but estimates of receipts from all capital gains are as follows:
Receipts from corporation tax on gains (£ billion) Related corporation taxpayer numbers with gains (Thousand) 1996–97 1.03 10 1997–98 1.06 11 1998–99 1.35 13