§ Mr. Trotterasked the Chancellor of the Exchequer whether he will introduce legislation to increase the relief for capital gains tax purposes on the sale of a business upon retirement at the age of 65 years beyond the present figure of £10,000, having regard to the fall in the value of money since the figure was fixed in 1965; by what amount the figure of £10,000 would need to be increased in order to restore the real value of the relief to that existing in 1965; and what would 160W be the estimated cost to the Exchequer in a full year of such an increase.
§ Mr. Robert SheldonSection 34 of the Finance Act 1974 doubled the limit on gains which can qualify for "retirement" relief under Section 34, Finance Act 1965, from £10,000 to £20,000 for an individual aged 65 or over. The equivalent of £10,000 in 1965 would be approximately £18,500. I regret it is not possible to estimate the cost of the concession.