§ 4. Mr. Ridleyasked the Chancellor of the Exchequer when he will publish the yield of the speculative gains tax for the year 1962–63.
§ Mr. RidleyIs the Financial Secretary aware that that is a long time to wait for the results of this very important tax? Is he further aware that in some quarters in the City it is now beginning to be realised that this tax has been of advantage to the speculator, who can write off his losses against the payment of tax under this head? Will he ask his right hon. Friend to look very closely at it again in the coming Budget?
§ Mr. GreenI can certainly promise continuous examination of this and all forms of taxation, but, in response to the earlier part of my hon. Friend's supplementary question, I am afraid that this is the way in which the system works.
§ Mr. CallaghanIs not the real position that the tax results in no revenue and that it does not diminish in any way the number of speculative transactions? Will he not now agree that it was a sham that should never have been introduced in the first place?
§ Mr. GreenI can only advise the hon. Gentleman not to speculate in advance of knowledge of the facts.
§ Mr. CallaghanWill he tell us, since the Treasury must have collected some revenue already, how much has been collected?
§ Mr. GreenThat is not the Question on the Order Paper. Perhaps the hon. Gentleman would care to study the Order Paper before asking supplementary questions.