Capital Gains Tax

HC Deb 04 March 1969 vol 779 cc190-1

5. Mr. Evelyn King

asked the Chancellor of the Exchequer how much he estimates will accrue to the Treasury by way of capital gains tax on chattels during the current financial year.

Mr. Diamond

There is not enough information on which to base an estimate.

Mr. King

Is it not a fact that the number of exemptions from this duty, the amount evaded and the cost of collection make the tax not worth collecting?

Mr. Diamond

No, I would not agree with that for a second. I have very useful figures to give the Committee in due course.

Mr. Grant

In view of the relatively small yield from all Capital Gains Tax, does not the right hon. Gentleman think that there is a case for exempting all capital gains under £1,000?

Mr. Diamond

As the hon. Gentleman knows, there is already an exemption on the disposal of private chattels under £1,000, and that is going quite far enough.