§ 3. Mr. C. Johnsonasked the Chancellor of the Exchequer how many individuals or firms, during each of the past three years, have disclosed that they make a business of seeking capital gains on the Stock Exchange or in property or other deals; and how much Income Tax, Surtax and Profits Tax, respectively, has been paid on the profits from such activities.
§ The Chancellor of the Exchequer (Mr. Selwyn Lloyd)This information is not available.
§ Mr. C. JohnsonIs the right hon. and learned Gentleman not aware that a large number of people are making capital gains in this way, and that there is strong evidence that many are making a living at it? In these circumstances, and in view of the very strong language that the Chancellor himself used in his Budget speech about enforcing the law against such people, and his saying, rather grandiloquently, "This is the law", does he not think that there is some obligation on him to show to the House that the Income Tax law is being enforced?
§ Mr. LloydMy Answer was that the particular information for which the hon. Gentleman asked is not available. Of course, the Inland Revenue is making every endeavour to enforce the law. As for the general point, whether it was grandiloquent or not, I stand by what I said in my Budget speech.