HC Deb 11 May 1995 vol 259 c607W
24. Mr. Wilkinson

To ask the Chancellor of the Exchequer what is his latest estimate of the loss of revenue to Her Majesty's Treasury of the abolition of capital gains tax. [22250]

Sir George Young

Receipts from tax on the capital gains of individuals, including trustees, and companies are forecast to be £1,650 million in 1995–96, projected to rise to some £3 billion by the turn of the century. This revenue would be lost if tax on capital gains was abolished. A very significant amount of income tax would also be lost due to behavioural effects as returns were taken as gains rather than as income.