HC Deb 21 December 1964 vol 704 c188W
82. Mr. Kershaw

asked the Chancellor of the Exchequer what arrangements he is making for the valuation of land and tenements made necessary by the proposed capital gains tax; and whether he will make a statement.

Mr. Stratton Mills

asked the Chancellor of the Exchequer (1) whether a life estate left to a widow by her deceased husband which is at present exempt from estate duty on her death will be subject to the proposed capital gains tax in the event of an increase in the capital value of the trust on the death of the widow;

(2) if he will prepare a scheme to exempt bona fide small traders and shopkeepers and farmers with less than 50 acres from the proposed capital gains tax on sale or transfer by gift of their business or farm at retirement;

(3) whether he will fix a day other than Budget Day 1965 as the base date for valuation of securities under the proposed capital gains tax, having regard to the unrealistically low valuations created as a result of uncertainty about taxation.

Mr. Callaghan

I cannot add to my Answer of 8th December.