§ Mr. David ShawTo ask the Chancellor of the Exchequer what is the latest forecast collection of receipts from(a) the higher rate of capital gains tax and (b) the lower rate of capital gains tax; and what were the comparable figures for total receipts from capital gains tax in 1990–91 and in 1978–79.
§ Mr. MaudeReceipts from capital gains tax in the years requested are:
£ million 1978–79 353 1 1990–91 2,100 1 1990 Autumn Statement forecast. It is estimated that, of receipts in 1990–91, about £1,600 million will have been charged at 40 per cent. on gains of higher rate taxpayers for 1988–89 and 1989–90 and £200 million will have been charged at 25 per cent. on gains of basic rate taxpayers and non-discretionary trusts for 1988–89 and 1989–90. The remaining £300 million will correspond to gains for 1987–88 and earlier years which were taxed at 30 per cent. and to gains of discretionary trusts in 1988–89 and 1989–90 which were taxed at 35 per cent.
It is also estimated that, of receipts in 1978–79, about £300 million will have been charged at 30 per cent. with the remainder charged at the special rates then applying for gains under £9,500.
These figures exclude gains realised by companies which are chargeable to corporation tax.