HC Deb 30 March 1971 vol 814 cc1340-1
15. Mr. Meacher

asked the Chancellor of the Exchequer if he will take steps to set up a national wealth register.

Mr. Higgins

No, Sir.

Mr. Meacher

I thank the Minister for that full and daunting answer. Will he accept that the balance of tax between capital and income is at present extremely grossly ill-weighted against the latter? In view of the evasion of capital tax, which is known to be running into several million pounds a year, and the avoidance of capital tax, which is known to be running into several hundreds of millions of pounds a year, will the Minister accept that the only equitable means of taxing wealth is through the establishment of a proper wealth register in this country at last?

Mr. Higgins

I would not accept that for one moment. I do not believe that a national wealth register would be reasonable. It would be costly to run and would serve little useful purpose.

Mr. William Clark

Would my hon. Friend confirm that the Government's policy is to build up national wealth rather than penalise it?

Mr. Higgins

I entirely agree with what my hon. Friend has said.