§ Mr. Peter Rees
asked the Chancellor of the Exchequer whether he has instructed the Inland Revenue not to apply paragraph 27(1) of the Sixth Schedule to the Finance Act so as to charge tax on chargeable gain which is greater than the actual gain to the taxpayer; and whether he will instruct the Inland Revenue to embody his instruction in a published concession.
§ Mr. Patrick Jenkin
It is the practice of the Inland Revenue in these cases not to charge tax on more than the actual gain if the entire holding is disposed of. The practice has been published in the246W professional Press and will be included in the next revision of the Inland Revenue booklet on Capital Gains Tax.