asked the Chancellor of the Exchequer, further to the reply dated 8 April, Official Report, columns 267–9, concerning the income distribution of those of working age with unearned income, whether he will provide figures for the tax yield in the case of those with unearned income of more than £500 a year; and if he will provide like figures for those over working age.
The tables provide provisional estimates for 1987–88 of single people and married couples with investment income of more than £500 per annum, and their total income tax liabilities. Estimates for ranges other than the higher income ranges are likely to be incomplete as tax offices do not need to have comprehensive information about individuals' investment income on which the liability to basic rate tax has been satisfied at source.
Total income tax liabilities in 1987–88 for single people and married couples with investment incomes of more than £500 per annum
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(£ million)
| ||||||
Total income1 (lower limit)
| Tax units2 aged under 653
| Tax units2 aged 65 and over3
| ||||
£ per annum
| Single people
| Married couples with no wife's earned income
| Married couples with wife's earned income
| Single people
| Married couples with no wife's earned income
| Married couples with wife's earned income
|
| 2,000 | 40 | negligible | negligible | 40 | negligible | negligible |
| 5,000 | 70 | 20 | 10 | 100 | 40 | negligible |
| 7,000 | 160 | 50 | 40 | 190 | 90 | 50 |
| 10,000 | 80 | 80 | 60 | 110 | 50 | 50 |
| 12,000 | 170 | 110 | 190 | 150 | 80 | 70 |
| 15,000 | 280 | 190 | 690 | 170 | 120 | 150 |
| 20,000 | 340 | 470 | 1,450 | 200 | 180 | 260 |
| 30,000 | 300 | 760 | 1,910 | 160 | 180 | 180 |
| 50,000 | 410 | 1,190 | 1,640 | 180 | 260 | 230 |
1 Gross income for income tax purposes. | ||||||
2 Counting each married couple as one unit and combining the partners' incomes. | ||||||
3 A married couple is taken to be aged 65 or over if at least one partner is aged 65 or over. | ||||||