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Incomes Statistics

Volume 202: debated on Friday 24 January 1992

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To ask the Chancellor of the Exchequer (1) what would be the estimated income from a 9 per cent. levy on all unearned income over £3,000;(2) what is the estimated number of people who have savings and occupational pensions producing more than £3,000 income per year.

A charge at 9 per cent. on the amount of any investment income and occupational pension above £3,000 would yield about £3.3 billion in a full year at 1991–92 levels of income. About 3¾ million people would be liable to the charge. These estimates take no account of any possible behavioural effects following the introduction of such a charge.