HC Deb 01 February 1965 vol 705 cc232-3W
Mr. Stratton Mills

asked the Chancellor of the Exchequer (1) if he intends to make an allowance, when valuing securities as at Budget Day 1965 for the capital gains tax, of that portion of the price of a share or fixed interest stock which is represented by accrued interest; and if a similar adjustment will be made at the date of realisation of the asset;

(2) whether he is aware that an original holder of War Loan who bequeaths or gives his holding to his wife or children who subsequently sells at a price higher than that on Budget Day 1965 would appear to have to pay capital gains tax on the notional profit despite the actual overall capital loss to the family; and if he will deal with this type of anomaly in his Budget by extending the benefit of the actual loss to the spouse and children of the original holder.

Mr. Callaghan

I must ask the hon. Gentleman to await my legislative proposals.