Skip to main content

Wealth Tax

Volume 301: debated on Wednesday 24 September 1997

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 calculate the revenue impact of imposing an additional 1 per cent. annual tax on individuals whose assets exceed £1 million. [17040]

It is not possible to assess precisely the number and wealth of millionaires in the United Kingdom at any one time. The only available estimates are derived from inheritance tax data on a year-of-death basis. On this basis it is provisionally estimated that living individuals with net marketable wealth—that is, excluding pension rights—exceeding £1 million in 1994, the latest available year, owned assets totalling £116 billion, of which 1 per cent. represents just over £1 billion.