§ Mr. Greenway
asked the Chancellor of the Exchequer (1) when he intends to introduce legislation to modernise the capital taxation system;
(2) when an announcement can be expected setting out details of the proposals to bring about the modernisation of the capital taxation system; and if he will make a statement.
§ Mr. Peter Rees
My right hon. and learned Friend the Chancellor of the Exchequer made a start this year on reducing the excessive burden of capital taxation, and it is his intention to make further progress when economic circumstances permit.
Meanwhile detailed consultations are continuing, and we shall now be considering the comments which have been 47W made on the Inland Revenue's consultative document on capital transfer tax and settled property.