asked the Minister for Finance in respect of each year from 1977 to 1988 the yield from (a) capital gains tax (b) wealth tax (c) estate duties (d) capital acquisitions tax (e) tax on discretionary trusts and (f) residential property tax; and if he will make a statement on the trends indicated.
Written Answers. - Tax Yields.
61.
The information requested by the Deputy is as follows:
Net Receipts
|
Year |
Capital Gains Tax |
Wealth Tax |
Estate, etc. Duties |
Capital Acquisitions Tax (exclud- ing taxes on discretionary trusts |
Taxes on discret- ionary trusts |
Residential Property Tax |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
1977 |
1,470 |
5,806 |
6,675 |
2,932 |
— |
— |
16,883 |
|
1978 |
3,239 |
712 |
5,886 |
4,995 |
— |
— |
14,832 |
|
1979 |
3,996 |
758 |
3,300 |
7,530 |
— |
— |
15,584 |
|
1980 |
5,986 |
798 |
3,032 |
7,992 |
— |
— |
17,808 |
|
1981 |
6,172 |
706 |
2,168 |
9,156 |
— |
— |
18,202 |
|
1982 |
8,201 |
602 |
1,709 |
11,776 |
— |
— |
22,288 |
|
1983 |
8,674 |
654 |
1,593 |
14,666 |
— |
1,028 |
26,615 |
|
1984 |
9,396 |
172 |
1,026 |
16,830 |
1,488 |
1,055 |
29,967 |
|
1985 |
10,203 |
167 |
572 |
19,539 |
155 |
2,085 |
32,721 |
|
1986 |
10,512 |
94 |
327 |
20,005 |
1,044 |
1,761 |
33,743 |
|
1987 (P) |
12,549 |
29 |
490 |
20,619 |
4,188 |
2,021 |
39,896 |
|
1988 (E) |
14,000 |
50 |
250 |
23,700 |
— |
2,000 |
(E) |
(P)=Provisional, subject to revision.
(E)=Amounts included in Budget Estimate of £40 million for capital taxes. The estimate for capital acquisitions tax includes the taxes on discretionary trusts. It is not meaningful, because of the nature of the tax, to reliably forecast the receipts from the discretionary trust taxes.
While the figures are not directly comparable due to changes over the years in the area of capital taxation, nevertheless they indicate that there has been a substantial increase in the yield from such taxes over the decade 1977-1987.