§ 12. Mr. Ridsdaleasked the Chancellor of the Exchequer whether, in order to encourage the small saver, he will introduce legislation to allow a moderate sum to be allowed free of Capital Gains Tax in any one year.
§ 39. Mr. Gowerasked the Chancellor of the Exchequer if he will give exemption from Capital Gains Tax to the first £500 of gains.
§ Mr. MacDermotThe hon. Member's suggestion has been noted.
§ Mr. RidsdaleWhy are the Government doing everything they can to penalise individual savers? Do they want individuals to become as spendthrift as the Government themselves?
§ Mr. MacDermotI do not accept the hon. Member's proposition. He will realise that, whatever the advantages of his proposal might be, most of the benefit would go to the large investor who realises gains year by year.
Mr. Fletcher-CookeDoes not the hon. and learned Member appreciate that this proposal would reduce the almost intolerable load of administration of this tax, and that it should be considered seriously from that point of view, whatever the politics of the matter may be?
§ Mr. MacDermotIt is very easy to over-estimate the amount of work that this proposal would save. It would still be necessary to calculate the precise amount of an individual's gains, unless they were clearly below the exemption limit.