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Column 383
Written Answers to Questions
Tuesday 30 November 1993
NATIONAL FINANCE
Personal Investment Authority
Mr. French : To ask the Chancellor of the Exchequer when he last met the chairman of the Securities and Investments Board to discuss the future of the Personal Investment Authority ; and if he will make a statement.
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Mr. Nelson : I meet the chairman regularly to discuss SIB's responsibilities under the Financial Services Act 1986, which include the recognition of self-regulating organisations.
Incomes
Mr. Meacher : To ask the Chancellor of the Exchequer what was the minimum income (a) of the 1 per cent. with the highest incomes and (b) of the 10 per cent. with the highest incomes for each year since 1979 at current prices ; and what were these figures at constant 1993 prices.
Mr. Nelson : The figures are given below.
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Gross personal income
The top decile point and top percentile point for persons aged 16 and over
|£ per year
At current prices At constant 1992
prices
|Top 10 per cent.|Top 1 per cent. |Top 10 per cent.|Top 1 per cent.
------------------------------------------------------------------------------------------------------
1979 |6,200 |11,600 |15,100 |28,400
1980 |7,400 |14,600 |15,400 |30,200
1981 |8,500 |16,700 |15,700 |30,900
1982 |9,100 |17,200 |15,500 |29,400
1983 |9,900 |20,200 |16,700 |33,000
1984 |10,400 |20,800 |16,200 |32,300
1985 |11,400 |23,900 |16,700 |34,900
1986 |12,500 |26,800 |17,700 |38,000
1987 |13,700 |31,400 |18,700 |42,700
1988 |15,100 |34,900 |19,600 |45,200
1989 |16,200 |35,300 |19,700 |42,400
1990 |18,400 |42,400 |20,200 |46,600
1991 |19,700 |43,700 |20,400 |45,300
1992 |20,300 |44,700 |20,300 |44,700
The figures in the table are rounded to the nearest £100. The constant price figures are calculated
using the retail prices index.
Source: Central Statistical Office, based on family expenditure survey.
The figures should be treated with considerable caution as they are subject to large sampling errors because of the small sample sizes, particularly for the top 1 per cent.
EC Budget
Mr. Austin Mitchell : To ask the Chancellor of the Exchequer what are the present positions of the European Commission and other member states of the EC in the Council of Ministers towards the means of funding the EC and of the possible increase in the resource base of the EC beyond the present own resources.
Sir John Cope : When it met in Edinburgh on 11 and 12 December 1992, under the chairmanship of my right hon. Friend the Prime Minister, the European Council reached a rigorous agreement about the Community's finances for the period to 1999. My right hon. Friend reported the conclusions to the House on 14 December 1992, Official Report, columns 23- 40. They remain the position of the member states and the Commission. Discussions are currently in progress in Brussels about the Commission's proposals for a new own resources decision to give effect to the changes agreed by the Edinburgh European Council to the own resources system.
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Capital Gains Tax
Mr. Mandelson : To ask the Chancellor of the Exchequer if he will give for each year since 1979 the total tax yield from individual gains tax and inheritance tax ; and if he will give for each year since 1988-89 the number of individual taxpayers liable for capital gains tax by their highest marginal rate of tax.
Mr. Dorrell : The available information on net receipts each year since 1979-80 from capital gains tax, capital transfer tax and inheritance tax is given in the table. Separate figures on capital gains tax receipts for individuals and trusts are not available, but, in terms of tax liabilities, individuals account for between 85 per cent. and 90 per cent. of the total.
£ million
Inheritance Capital gains tax
tax-capital
transfer tax<1>
|Total |of which charge on|Total
|individuals<2>
-----------------------------------------------------------------------------------------------
1979-80 |401 |376 |431
<3>1980-81 |425 |401 |508
<3>1981-82 |480 |457 |526
1982-83 |499 |475 |632
1983-84 |599 |580 |671
1984-85 |658 |621 |730
1985-86 |881 |857 |908
1986-87 |988 |963 |1,064
1987-88 |1,073 |1,052 |1,379
1988-89 |1,067 |1,042 |2,323
1989-90 |1,227 |1,207 |1,854
1990-91 |1,259 |1,233 |1,852
1991-92 |1,295 |1,261 |1,140
1992-93 |1,201 |1,170 |982
<1> Excludes small residual receipts from estate duty which was replaced by capital transfer
tax in 1975.
<2> Includes charges on settled property where the individual has an interest in possession.
<3> The breakdown of receipts between 1980-81 and 1981-82 was estimated as they were affected
by industrial action between March 1981 and July 1981.
The breakdown of capital gains taxpayers given in the table includes a separate column for trusts in order to reconcile with published figures on taxpayer numbers.