HC Deb 17 February 1961 vol 634 c2025

3.59 p.m.

Mr. Bruce Milan (Glasgow, Craigton)

I beg to move. That this House, in view of the present high level of tax-free capital gains arising in particular from rises in share and property values, the increasing tendency for certain classes of taxpayer to manipulate their affairs so as to convert income liable to taxation into capital gains free of tax, and the resulting burden put upon other taxpayers, deplores the Government's failure to introduce a tax on capital gains. I shall not be able to say much about this matter this afternoon, in view of the short time available, but I want to make one point. In recent days a good deal of thought has been given to the question of changes in our taxation system. Many hon. Members opposite are in favour of some sort of sales tax, and many of my hon. Friends believe that there is an even more profitable line of study in which the Government should engage, namely, the question of capital gains taxation.

There is no doubt that within the last few years considerable tax-free capital gains have accrued to a very small number of people in the community—