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Unearned Income

Volume 205: debated on Tuesday 10 March 1992

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To ask the Chancellor of the Exchequer what would be the revenue raised from a 9 per cent. charge on unearned income for those below state retirement age with a (a) £3,000 exemption, (b) £3,500 exemption, (c) £4,000 exemption, (d) £4,500 exemption and (e) £5,000 exemption, giving both full year and first year revenues for 1991–92 and 1992–93, specifying the numbers affected in each case, for the United Kingdom.

[holding answer 9 March 1992]: Latest estimates for 1991–92 are as follows:

Threshold £Yield in a full year £ millionNumbers affected Thousands
The amount of revenue collected in the first year would depend on the administrative arrangements for collecting such a charge. The yield in 1992–93 would depend on the levels of investment income for that year.These estimates take no account of any possible behavioural changes following the introduction of such a charge.