HC Deb 17 February 1970 vol 796 cc197-8
26. Mr. Stratton Mills

asked the Chancellor of the Exchequer if he will introduce legislation to exempt Northern Ireland Government securities from capital gains tax in the same way as the United Kingdom Government stocks.

Mr. William Rodgers

No, Sir.

Mr. Mills

Is it not totally illogical that Northern Ireland securities should be subject to capital gains tax while United Kingdom Government securities are exempt? Will the hon. Gentleman confirm that this adds an additional burden on the cost of raising capital for the Northern Ireland Government?

Mr. Rodgers

No, I do not agree with the hon. Gentleman. There is a purpose, which he will perhaps realise on reflection. British Government securities were exempt from capital gains tax for purposes of economic management which do not apply in the same way in Northern Ireland.