§ 29. Mr. Shepherdasked the Chancellor of the Exchequer if he will state the revenue derived from the capital gains tax, and the estimated cost of collection, to the latest convenient date.
§ Mr. CallaghanBetween £1¼ million and £1½ million in respect of capital gains realised in 1962–63. On the second part, the cost of assessing and collecting the tax on short-term gains cannot be segregated from the cost of administering other taxes.
§ Mr. Howeasked the Chancellor of the Exchequer if it is intended that the proposed capital gains tax should be levied upon the proceeds of sale of properties acquired by the exercise of compulsory purchase powers; and if he will make a statement.
§ Mr. CallaghanI cannot add to my answer of 8th December.
§ Mr. Hileyasked the Chancellor of the Exchequer (1) whether capital gains tax will be payable on 3 per cent. Government electricity stock 1968 to 1973, bought at 100 per cent. at the time of nationalisation of the industry, if sold above the price at the date of the 1965 Budget, or on the date of redemption, respectively;
(2) whether capital gains tax will be payable on 3 per cent. savings bonds 1970 if sold before 1970 at a higher market price than that on Budget day 1965;
206W(3) whether capital gains tax will be payable on irredeemable 3½ per cent. war stock if sold at a higher market price than that on Budget day 1965.
§ Mr. CallaghanI would refer the hon. Gentleman to my Answer of 8th December in which I said that
… the charge to tax on a gain realised after next Budget day will not be on an amount greater than any gain that is realised." —[OFFICIAL REPORT, 8th December, 1964; Vol. 703, c. 165.]