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18 Oct 2004 : Column 549W—continued
Fuel Duty Escalator
Mr. Drew: To ask the Chancellor of the Exchequer how much tax revenue has been forgone, in each financial year since the introduction of the fuel duty escalator; and what the estimate is for this tax year. [191118]
John Healey: The fuel duty escalator introduced by the previous Government in 1993 was abolished by the Chancellor in 1999 when he announced that, in future, decisions on fuel duties would be made on a Budget-by-Budget basis taking account of relevant economic, social and environmental factors. Details of fuel duty rate changes and revenue forecasts are listed in tables A1 and C7 of the annual Financial Statement and Budget report.
Index of Multiple Deprivation
Ms Buck: To ask the Chancellor of the Exchequer which funding streams have been allocated by his Department using a funding formula which includes rankings or scores on the Index of Multiple Deprivation 2000; and if he will list the amount of funding allocated in such a way (a) nationally by the Department and (b) to all Government sponsored bodies reporting to the Department. [191534]
Mr. Timms: The Chancellor's departments do not directly allocate funds using the Index of Multiple Deprivation but it has formed part of the evidence base underpinning Spending Review outcomes that have taken place since the publication of the index.
Inflation/Interest Rates
Hugh Bayley:
To ask the Chancellor of the Exchequer what the average (a) rate of inflation, (b) Bank of
18 Oct 2004 : Column 550W
England base interest rate and (c) mortgage interest rate was (i) between 1979 and 1997 and (ii) since 1997. [191229]
Mr. Timms: The information requested falls within the responsibility of the National Statistician, who has been asked to reply.
Letter from Len Cook to Mr. Hugh Bayley, dated 18 October 2004:
As National Statistician, I have been asked to reply to your recent Parliamentary Question on what the average (a) rate of inflation, (b) Bank of England base interest rate and (c) mortgage interest rate was (i) between 1979 and 1997, and (ii) since 1997. (191229)
The averages over the periods requested are as follows:
| Rates | |
|---|---|
| (a) annualised average inflation rate(56) | (i) 1979 to 1997 = 5.8% (ii) 1997 to 2003 =2.4% |
| (b) annual average Bank of England base interest rate | (i) 1979 to 1997 = 10.3% (ii) 1997 to 2003 = 5.4% |
| (c) annual average mortgage interest rate(57) | (i) 1985 to 1997 = 10.7% (ii) 1997 to 2003 = 6.7% |
(56) The inflation rate is calculated from the All Items Retail Prices Index (RPI).
(57) Comprehensive data not available prior to 1985.
These averages are based on the data in the attached table, which also provides further notes on the calculations.
| Retail Prices Index (RPI) 1 | Bank of England Base Interest Rate(59) | Mortgage Interest Rate2,3 | |
|---|---|---|---|
| 1978 | 197.1 | — | — |
| 1979 | 223.5 | 13.75 | — |
| 1980 | 263.7 | 16.30 | — |
| 1981 | 295.0 | 13.18 | — |
| 1982 | 320.4 | 11.93 | — |
| 1983 | 335.1 | 9.86 | — |
| 1984 | 351.8 | 9.68 | — |
| 1985 | 373.2 | 12.04 | 13.16 |
| 1986 | 385.9 | 10.74 | 11.84 |
| 1987 | 402.0 | 9.60 | 11.50 |
| 1988 | 421.7 | 9.96 | 11.17 |
| 1989 | 454.5 | 13.67 | 13.92 |
| 1990 | 497.5 | 14.64 | 15.21 |
| 1991 | 526.7 | 11.56 | 12.92 |
| 1992 | 546.4 | 9.42 | 10.71 |
| 1993 | 555.1 | 5.88 | 8.08 |
| 1994 | 568.5 | 5.33 | 7.84 |
| 1995 | 588.2 | 6.57 | 8.22 |
| 1996 | 602.4 | 5.88 | 7.22 |
| 1997 | 621.3 | 6.55 | 7.85 |
| 1998 | 642.6 | 7.23 | 8.73 |
| 1999 | 652.5 | 5.34 | 6.82 |
| 2000 | 671.8 | 5.97 | 7.09 |
| 2001 | 683.7 | 5.12 | 6.44 |
| 2002 | 695.1 | 4.00 | 5.39 |
| 2003 | 715.2 | 3.69 | 4.96 |
(58) The annualised average inflation rate for RPI was calculated using the following equation:
(59) The annual average Bank of England base interest rate and the annual average mortgage interest rate given in the letter were calculated using a simple average of the corresponding annual rates for the years covered by the period in the question.
(60) Comprehensive data not available prior to 1985. For 1985 to 1994 the rate is a simple average of retail banks' end of month variable rate mortgage—unweighted series. For 1995 to 1998 the rate is a weighted average interest rate for the standard variable rate mortgage from retail banks and building societies. For 1999 to 2003 the rate is a weighted average interest rate loan secured, from retail banks, on dwellings.
Source:
ONS (RPI) and Bank of England (interest rates)
18 Oct 2004 : Column 551W
Inheritance Tax
Ms Buck: To ask the Chancellor of the Exchequer if he will estimate the annual revenue from inheritance tax if the rates for levying the tax were as follows, showing the revenue separately for each band, (a) 20 per cent. on estates valued at £100,000 and above, (b) 40 per cent. on estates valued at £200,000 and above, (c) 60 per cent. on estates valued at £750,000 and above, (d) 20 per cent. on estates valued at £150,000 and above, (e) 30 per cent. on estates valued at £200,000 and above, (f) 40 per cent. on estates valued at £250,000 and above, (g) 50 per cent. on estates valued at £750,000 and above, (h) 60 per cent. on estates valued at £1,250,000 and above, (i) 20 per cent. on estates valued at £75,000 and above, (j) 30 per cent. on estates valued at £150,000 and above, (k) 40 per cent. on estates valued at £300,000 and above and (l) 50 per cent. on estates valued at £600,000 and above. [191510]
Mr. Timms: At Budget 2004, the published forecast for inheritance tax receipts in 2004–05 was £2.8 billion based on a threshold of £263,000. Taking each of the regimes (a) to (l) as a separate and independent system applying from April 2004, then I estimate that the receipts would have been those that appear in the table. The figures exclude possible behavioural effects and will understate the full impact of changing the regime because 2004–05 receipts also reflect payments for liabilities incurred in 2003–04 and earlier.
| Rates applied from April 2004 | Tax rate (%) | ||||
|---|---|---|---|---|---|
| IHT threshold (£) | 20 | 30 | 40 | 50 | 60 |
| 75,000 | 3.6 | — | — | — | — |
| 100,000 | 3.2 | — | — | — | — |
| 150,000 | 2.6 | 3.5 | — | — | — |
| 200,000 | — | 2.9 | 3.5 | — | — |
| 250,000 | — | — | 2.9 | — | — |
| 300,000 | — | — | 2.6 | — | — |
| 600,000 | — | — | — | 1.9 | — |
| 750,000 | — | — | — | 1.7 | 1.8 |
| 1,250,000 | — | — | — | — | 1.5 |
Note:
The figures in each cell are estimates of inheritance tax receipts for each individual combination of rates and thresholds, and they are all independent of each other.
18 Oct 2004 : Column 552W
Jones and Garnet Case
Mr. Flight: To ask the Chancellor of the Exchequer if he will make a statement on the application of the decision of the Special Commissioners of Income Tax in the Jones and Garnet case to (a) circumstances where one director only has the power to declare dividends and (b) other husband and wife-owned businesses. [191132]
Dawn Primarolo: The Special Commissioners' decision in this case is still being considered. However the decision supports guidance published by the Inland Revenue in Tax Bulletins of April 2003 and February 2004 on the application of the legislation in Sections 660A-660G of the Income and Corporation Taxes Acts 1988. Whether the legislation applies in any particular case will depend on the detailed facts of that case and the arrangements between the parties involved.
Population (London Boroughs)
Mr. Rosindell: To ask the Chancellor of the Exchequer what the population is of each London Borough. [191695]
Mr. Timms: The information requested falls within the responsibility of the National Statistician, who has been asked to reply.
Letter from Mr. Len Cook to Mr Andrew Rosindell, dated 18 Ocotber 2004:
As National Statistician I, have been asked to reply to your recent Parliamentary Question concerning the population of each London Borough. (191695)
Attached is a table showing mid-2003 population estimates for all London Boroughs.
Source:
Office for National Statistics
18 Oct 2004 : Column 553W
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