§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate for 1970–71 and for an eventual full year, the cost of abolishing case 7 of Schedule D income tax and replacing the present charge to capital gains tax with the following scale of charges: for assets held less than one year, 60 per cent. or the full income tax and surtax charge; for assets held for less than four years, 30 per cent. or one-half of the income tax and surtax charge; for assets held for less than seven years, 20 per cent. or one-third of the income tax and surtax charge; for assets held for less than ten years, 15 per cent. or one-quarter of the full income tax and surtax charge; for assets held for more than ten years, 10 per cent. or one-sixth of the full income 253W tax and surtax charge; construing in each case the ratio of the full income tax and surtax charge to have the same meaning as in Section 21 of the Finance Act, 1965.
§ Mr. Patrick JenkinI regret that the information on which to base this estimate is not available.
§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate, for 1970–71, and for an eventual full year, the cost of abolishing the £50 capital gains tax exemption under Section 31 of the Finance Act, 1968, and of replacing it with an exemption based on the same principle as the present exemption for chattels, namely the value of sale rather than the value of the capital gain, and with the exemption level being £1,000.
§ Mr. Patrick JenkinIt is not possible to make an estimate.
§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate for 1970–71 and for an eventual full year, the cost of raising the exemption for chattels under Section 30 of the Finance Act, 1965, to £2,000, £3,000, £5,000, and £10,000, respectively; and of abolishing it altogether.
§ Mr. Patrick JenkinThere is not enough information on which to base these estimates.
§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate the loss of revenue from the abolition of capital gains tax on companies, making allowance for the increased yield of the tax in as much as the capital gains of individuals would consequently be greater, and giving an estimate for 1970–71 and for an eventual full year.
§ Mr. HigginsBecause of the difficulty of assessing the likely consequential movement of share prices, it is not possible to estimate the net cost of exempting capital gains from corporation tax.
§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate the cost of ceasing to charge capital gains tax upon the 15 yearly valuations of settled property under Section 25 of the Finance Act, 1965, giving an estimate 254W for 1970–71 and for an eventual full year.
§ Mr. Patrick JenkinThis information is not available.