§ Mr. Barnettasked the Chancellor of the Exchequer if, in view of the differing interpretations of the proposed capital gains tax on amounts to be taken as realised on death, he will state whether the gain to be subject to the proposed tax is to be the whole of the amount passing, or only the increase in value from Budget Day 1965 to the date of death, subject to the first £5,000 of such gain being exempt.
§ Mr. CallaghanFor assets passing on death, as in other cases, the tax will be imposed on gains, not on the whole amount passing; and, as in other cases the gains to be charged will not exceed the difference between the value of the particular assets on 1965 Budget Day and the market value at the date of death.