§ 26. Mr. Stratton Mills
asked the Chancellor of the Exchequer if he will introduce legislation to exempt Northern 198 Ireland Government securities from capital gains tax in the same way as the United Kingdom Government stocks.
§ 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.