§ Mr. LoughtonTo ask the Chancellor of the Exchequer what assessment he has made of the number of individuals affected by the proposed abolition of retirement relief. [43618]
§ Dawn Primarolo[holding answer 1 June 1998]It is estimated that there are about 10,000 people with CGT retirement relief each year.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer if he will place in the Library the results of the consultation exercise on changes to capital gains tax before consideration of the relevant clauses in the committee stage of the Finance (No.2) Bill. [43295]
§ Dawn Primarolo[holding answer 1 June 1998]: The results of the consultation exercise on capital gains tax were set out as an Annexe to the Budget day Press Release on capital gains tax reform (press release Inland Revenue 16). This press release is available in the House of Commons Library.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what is the estimated saving to the Treasury from the proposed abolition of bed and breakfasting in respect of Capital Gains Tax; and how many savers he estimates currently take advantage of this facility. [43613]
§ Dawn Primarolo[holding answer 1 June 1998]: The Capital Gains Tax yield from the provisions to counter bed and breakfasting of shares may be of the order of £50 million in the long term, but the short term yield is likely to be low and to grow slowly. The number of people undertaking such transactions is highly uncertain but could be of the order of 100,000.