HC Deb 20 December 1989 vol 164 c243W
Mr. David Shaw

To ask the Chancellor of the Exchequer what has been the effect on revenues of raising the top rate of capital gains tax to 40 per cent.

Mr. Lilley

[holding answer 19 December 1989]: The 1988-89 FSBR estimated the yield from aligning capital gains tax and income tax at £70 million in 1988-89 and £65 million in 1989-90. However, tax on gains realised in 1988-89, the first year for which capital gains were charged at income tax rates, became payable from 1 December 1989. It will therefore be some time before sufficiently complete information about 1988-89 liabilities is available.