§ I propose a number of changes in the law relating to the Capital Gains Tax, in addition to the one I have already described.
§ The most important of these is designed to implement the undertaking we gave last year to provide a measure of relief from the tax on gains, arising from devaluation, on the overseas investments of certain financial institutions in so far as these investments were acquired under the "portfolio investment borrow 1012 ing facility"; as a corollary some relief is also proposed for devaluation gains on the investments of Lloyd's American Trust Funds. The cost of these proposals is given in the Budget Report as £4 million in 1969–70; this is not a surrender of revenue in any real sense since it represents a sum which ought not to be within the scope of the charge.