HC Deb 02 May 1974 vol 872 cc1296-7
3. Mr. Cryer

asked the Chancellor of the Exchequer if he can now say when he expects to publish his Green Paper on a wealth tax.

26. Mr. Sillars

asked the Chancellor of the Exchequer which organisations he is consulting about the proposed wealth tax.

The Chief Secretary to the Treasury (Mr. Joel Barnett)

My right hon. Friend proposes to publish a Green Paper on the wealth tax in the summer. Representations will then be invited from all persons and organisations who wish to offer comments.

Mr. Cryer

Does my hon. Friend appreciate that Labour Members look forward very much to his proposals, which we hope will set the Government on the path to establishing a fairer society, where people who have created wealth out of the work of the vast majority of the population will make a contribution to the Exchequer?

Mr. Barnett

I entirely agree with my hon. Friend.

Mr. Peter Rees

In view of the complex questions likely to be involved, does the Chief Secretary not feel that the subject could be better examined by a Select Committee?

Mr. Barnett

I cannot at this moment say anything on the question whether or not there will be a Select Committee.

Mr. Lee

It is highly commendable of my right hon. Friend to receive representations about the proposals for this admirable tax. May we take it that the introduction of the tax will not be delayed by those representations, since many of them are bound to be of an obstructive and tendentious character?

Mr. Barnett

We are more interested in reasonable representations than the kind my hon. Friend has mentioned.

Mr. Higgins

Will the Green Paper give details of the related proposals for a gifts tax? In his Budget speech the Chancellor said that the tax would take effect "as from today." That phrase is normally restricted to proposals which are covered by a financial resolution and implemented in the immediately following Finance Bill. There is great uncertainty in this matter, which should be clarified as soon as possible.

Mr. Barnett

I shall be dealing with the gifts tax when I answer another Question on the Order Paper.

Back to