HC Deb 09 March 1971 vol 813 c229
13. Dr. Gilbert

asked the Chancellor of the Exchequer what study has been made by his Department with respect to the practicability of introducing a capital receipts tax.

Mr. Patrick Jenkin

We have been reviewing the whole tax system, but the hon. Member will not expect me to anticipate my right hon. Friend's Budget statement.

Dr. Gilbert

Will not the hon. Gentleman agree that the present death duties system is probably the most hypocritical part of our whole tax system, with high rates which are easily avoided by the richest members of the community, and are in fact so avoided? Will he consider whether a suitably devised capital receipts tax might bring about a more equitable distribution of wealth than either a wealth tax or a combination of gift tax with death duties?

Mr. Jenkin

I cannot help thinking that, if we want to tackle, as I take it the hon. Gentleman does, the inequalities of wealth, we should turn more of our attention to the accumulation of savings on the part of the individual than to their expropriation by the State.