§ Mr. LawsTo ask the Chancellor of the Exchequer what his estimate is of the yield from the upper rate of income tax for each of the years(a) 1999–2000, (b) 2000–01, (c) 2001–02, (d) 2002–03, (e) 2003–04, (f) 2001–05 and (g) 2005–06; and if he will make a statement. [22477]
§ Dawn Primarolo[holding answer 13 December 2001]I refer the hon. Member to "Inland Revenue Statistics", table 3.4, copies of which are available in the Library of the House.
§ Mr. LawsTo ask the Chancellor of the Exchequer what action he plans to take in order to avoid avoidance of income tax liabilities by individuals who pay tax at the upper income tax rate of 40 per cent. by use of capital gains tax; and if he will make a statement. [23246]
§ Dawn PrimaroloThe Inland Revenue will continue to apply existing legislation which ensures that income is charged to income tax.
In addition, we will keep the position under close review and will not hesitate to take action to protect the income tax yield if new tax avoidance schemes for turning income into capital are introduced.