HC Deb 09 February 1984 vol 53 c733W
59. Mr. Michael Forsyth

asked the Chancellor of the Exchequer if he will estimate the first year cost in revenue to the Exchequer of abolishing capital gains tax and development land tax.

Mr. Moore

The lost revenue would be about £600 million and £80 million, respectively, at the level of gains chargeable in 1983–84. In practice the eventual cost to the Exchequer of abolishing a tax on capital gains could be significantly greater, arising from the inducement which would then be given to convert income into exempt capital.

Forward to