HC Deb 13 June 1974 vol 874 cc1811-3
13. Mr. Ridley

asked the Chancellor of the Exchequer if he will publish a White Paper setting out the details of taxes on higher incomes, gifts, inheritance, death, and capital gains, in the United Kingdom and in the principal industrialised countries of the West, respectively.

Dr. Gilbert

No, Sir. A comparative table of nominal tax rates would be of little value without a full examination of their social context and their practical effects. My right hon. Friend will be publishing in the forthcoming Green Paper some information about wealth taxes in other countries.

Mr. Ridley

Is the hon. Gentleman aware that his reluctance to give the House this information must be due to the fact that it is well known that taxes of this kind on the Continent are infinitely lower than are those which operate in the United Kingdom? Since those continental countries have had a much more satisfactory economic performance than we have enjoyed, does he agree that the higher that taxes of this sort are levied the less likely we are to get a decent, sustained growth?

Dr. Gilbert

I am sure the hon. Gentleman would agree that comparisons of relative tax burdens between different countries are notoriously difficult to make unless one takes into account the different physical structures, standards of living and income levels.

Mr. Frank Allan

Is it not a fact that the earlier questions about impoverished farmers and the kind of questions we are now hearing from the Conservative benches are irrelevant when we consider that the starting point in such a tax would be at a level of £50,000? I hardly think that many of our constituents would consider themselves poor if they were enjoying a capital of over £50,000.

Dr. Gilbert

I agree that very few of our constituents would attract wealth tax.

Mr. Peyton

Before the hon. Gentleman resorts to the habitual pride of the Labour Party in a high level of taxation, he and his colleagues should look at the long list of writers, artists, composers, musicians and the rest who have been forced to go elsewhere. Does he think that this tyrannical system of tax ultimately will be to the benefit of our country?

Dr. Gilbert

I would be surprised if the right hon. Gentleman was suggesting that the artistic spirit was so closely connected with financial matters.