HC Deb 08 April 1998 vol 310 cc244-5W
Mr. Loughton

To ask the Chancellor of the Exchequer if effective bed and breakfasts from a personal holding into a PEP account held by the same beneficiary will be admissible under Budget changes to the Capital Gains Tax rules. [36802]

Mr. Geoffrey Robinson

[holding answer 30 March 1998]: The new CGT matching rule applies only to disposals and acquisitions undertaken by a person in the same capacity. Shares acquired by an individual through a PEP manager will be acquired in a different capacity to shares sold by the taxpayer outside the PEP. So the new matching rule will not apply.

Mr. Loughton

To ask the Chancellor of the Exchequer how many countries in Europe operate a capital gains tax system which involves 18 or more different rates of capital gains tax [36788]

Dawn Primarolo

[holding answer 30 March 1998]: None. They either have a single rate or a small number of rates, as in the United Kingdom which presently, for individuals, has 3 rates and will continue to do so under the reforms proposed in the Budget.