HC Deb 17 May 1966 vol 728 cc1100-1
11. Mr. Robert Cooke

asked the Chancellor of the Exchequer what has been the yield from the Capital Gains Tax on tangible movable property since its introduction.

Mr. Diamond

This information is not available, but the yield would be very small so far.

Mr. Cooke

Would the right hon. Gentleman give an estimate of the yield in the first available year and tell the House how many persons are being employed to receive information from all these people who might have transactions which might be involved in this tax?

Mr. Diamond

No, Sir, because the returns issued last month have not yet come in and it is impossible, therefore, to make any kind of estimate.

15. Mr. Stratton Mills

asked the Chancellor of the Exchequer if individuals have to calculate their capital gains for submission to the Revenue or if this will be done for them where they provide the relevant information.

Mr. Diamond

Individuals have to calculate their capital gains or losses and enter them in their Income Tax returns.

Mr. Stratton Mills

Will the right hon. Gentleman look at this again to see that individuals have all the information required as to profits and losses during the year, as the Inland Revenue can do the calculations which are extremely difficult where the question of rights issues arises?

Mr. Diamond

The Inland Revenue will be only to glad to be of help and assistance. The booklet which is being issued is specifically for the purpose of giving assistance. If the profits and losses are calculated, there remains little to do.