§ 56. Mr. AllenTo ask the Chancellor of the Exchequer what is his latest estimate of the financial effect in a full year of the changes in capital gains tax for gains made before 1982 announced in the Budget.
§ Mr. Norman LamontFor gains realised in 1988–89, the full-year cost of bringing forward the base date for capital gains to 31 March 1982 is estimated to be £120 million for individuals and trusts and £250 million for companies.
Where assets were acquired before April 1982 gains accruing since then will remain in charge and for individuals and trusts will be affected by other changes announced in the Budget.