§ 16. Mr. David Mitchellasked the Chancellor of the Exchequer how much revenue has been collected through capital gains tax since its introduction in 1965.
§ Mr. Patrick JenkinAbout £850 million. This figure includes £350 million of corporation tax on chargeable gains, but does not include the £45 million of tax on short-term gains charged under Schedule D Case VD from 1962.
§ Mr. MitchellDoes my hon. Friend agree that this represents a significant withdrawal of capital from the economy at a time when investment and job creation should have high priority?
§ Mr. JenkinThe Minister of State told my hon. Friend when he last raised this question that we have the tax system under continuing review and, as I think he will acknowledge, under radical reform. I assure him that the future of the capital gains tax will not be ignored in this study.