§ Mr. Ralph Howellasked the Chancellor of the Exchequer what would have been the capital transfer tax on a 500-acre farm valued at the average vacant possession price in March 1974, and in November 1977.
§ Mr. Denzil DaviesFull information about November 1977 vacant possession prices is not yet available, but on present information for England and Wales the tax payable, and the effective rate of tax, for the farm and farm assets, would be—
Value of Government non-trading capital assets consumed £ million Imputed rent of buildings owned and occupied by Government £ million Ratio of public expenditure to GDP at factor cost* 1971–72 — — 44 1972–73 372 522 44½ 1973–74 470 640 46 1974–75 546 597 50½ 1975–76 691 684 51½ 1976–77 857 830 50 1977–78 (forecast) — — 48 * As defined in the Government's expenditure plans, 1978–79 to 1981–82 (Cmnd. 7049); including capital consumption.