§ Mr. Newtonasked the Chancellor of the Exchequer whether he will publish from international sources available to him a table for March 1974 and the most convenient recent date giving (a) the top rate of tax on lifetime transfers, (b) the top rate of tax on bequests, (c) the percentage of gross national product represented by all death and gift taxes in the 357W following countries: United Kingdom, France, West Germany, Italy, and the United States of America.
March 1974 December 1976 Lifetime Transfers Bequests Lifetime Transfers Bequests United Kingdom … 75 75 75 75 France … 60 60 60 60 West Germany … 70 70 70 70 Italy … 60 60 60 60 United States of America … 57.75 77 57.75 77 As from 1st January 1977 the top rates in the United States of America will be 70 per cent. for transfers both in lifetime and on death.
The percentage of gross national product at market prices represented by all death and gift taxes in 1974, the latest year for which figures are available, was as follows:
United Kingdom … 0.46 per cent. France … 0.22 per cent. West Germany … 0.05 per cent. Italy … 0.09 per cent. USA … 0.46 per cent. Source: Revenue Statistics of OECD Member Countries 1965–1974.