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WQ.64/2021
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY SENATOR S.Y. MÉZEC
QUESTION SUBMITTED ON MONDAY 22nd FEBRUARY 2021 ANSWER TO BE TABLED ON MONDAY 1st MARCH 2021
Question
Will the Minister provide the following information, by year, for the period 2010 to date –
- a breakdown of the total amount of income declared by all Island residents with incomes of, or exceeding, £1 million; and
- a breakdown of the total amount of income declared by all Island residents with incomes at, or below, 60% of the median income (i.e. those living in relative low income')?
Answer
- Following discussion with the Senator this information is presented for registered taxpayers and is based on data as it stood in February 2021.
A Taxpayer' may be defined as:
• Single individuals
• Married couples / civil partnerships that have not opted for separate assessments (counted as one Individual Taxpayer or one Individual Non- Taxpayer)
• Married couples / civil partners that have opted for separate assessments (counted as two Individual Taxpayers or two Individual Non-Taxpayers).
(Taxpayers rounded to nearest 10, income rounded to £100k. Columns may not sum due to rounding.)
Year | Number of Taxpayers | Total Earned Income | Total Unearned Income | Total Income |
2010 | 70 | £58.1m | £71.5m | £129.6m |
2011 | 70 | £29.9m | £114.7m | £144.6m |
2012 | 60 | £45.8m | £69.2m | £115.0m |
2013 | 50 | £25.0m | £142.3m | £167.2m |
2014 | 70 | £43.7m | £116.1m | £159.8m |
2015 | 80 | £40.6m | £111.7m | £152.3m |
2016 | 100 | £71.2m | £122.9m | £194.1m |
2017 | 90 | £57.5m | £172.2m | £229.6m |
2018 | 100 | £44.2m | £172.0m | £216.1m |
- The Minister is grateful for the Senator's agreement to reply to this part at a future date due to the degree of work needed to answer.