§ Mr. Gordon Brown
To ask the Chancellor of the Exchequer if he will estimate the reduction in capital gains tax receipts in the first full year of operation of independent taxation of capital gains for husband and wife and the reduction that would result were the transfer of assets between husband and wife to be chargeable occasions.
§ Mr. Norman Lamont
[holding answer 29 April 1988]The full year cost in respect of capital gains realised in 1990–91 is £60 million. This cost may be partly offset by tax on gains deferred from earlier years to take advantage of the new arrangements for the taxation of husband and wife. I regret that information is not available on which to base an estimate for transfers between husband and wife.