§ 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. 
§ 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.