§ Mr. Corbett
asked the Chancellor of the Exchequer if he will take steps to ensure that profits of university colleges realised through the sale of property and land are subject to capital gains tax.
§ Dr. Gilbert
University colleges, in common with other charitable bodies, are in general exempted by the Taxes Acts from capital gains tax, provided that the gains concerned are applied for charitable purposes only. My right hon. Friend has no plans to withdraw that exemption.