Skip to main content

Taxation (Savings)

Volume 173: debated on Tuesday 5 June 1990

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Chancellor of the Exchequer if he will list all those taxes which apply to savings with the tax take in each case for the latest year for which figures are available.

The tax liability in 1990–91 on investment income received by individual savers, including interest received on bank and building society accounts, national savings and dividends received from companies, is estimated at £10·5 billion. Tax reliefs on debt interest, for example mortgage interest relief, are excluded.Other taxes relevant to savings are capital gains tax, inheritance tax and stamp duty. Forecasts of receipts in 1990–91 for each of these taxes are in table 1·2 of the 1990–91 Financial Statement and Budget Report. Not all these yields are derived from savings.