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Taxation

Treasury written question – answered on 19th April 2004.

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Photo of Vincent Cable Vincent Cable Shadow Chancellor of the Exchequer, Liberal Democrat Spokesperson (Treasury)

To ask the Chancellor of the Exchequer if he will update the information provided in his answer to the hon. Member for Truro and St. Austell (Matthew Taylor) on taxation of 23 January 2003, Official Report, column 430W; and if he will make a statement.

Photo of Dawn Primarolo Dawn Primarolo Paymaster General (HM Treasury)

Comprehensive information on income tax has been placed in the Library of the House in October 2003. This information will be updated shortly after the Easter recess.

The full-year capital gains tax yields in 2004–05 from introducing a rate of tax of 49 per cent. on (a) taxable and (b) gross incomes exceeding £100,000 per annum are both estimated to be £120 million.

The income tax information is based upon the Survey of Personal Incomes and excludes any estimate of behavioural response to the tax change.

Capital gains tax estimates take into account the likely effect on yield of changes in the volume of disposals in a full year caused by taxpayer's behaviour.

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