§ 8. Mr. Staintonasked the Chancellor of the Exchequer if he will exempt investment trusts for payment of tax on capital gains arising from portfolio changes involving no net disinvestment.
§ Mr. Maurice MacmillanI have noted my hon. Friend's suggestion.
§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will estimate the cost of ceasing to charge capital gains tax on death under Section 24 of the Finance Act, 1965, making allowance for any consequent increase in the yield of estate duty, giving an estimate for 1970–71 and for an eventual full year.
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§ Mr. Patrick JenkinI cannot make an accurate estimate but the net cost for a full year might be in the region of £10 million. This, however, does not take account of the potential additional cost as a result of individuals abstaining from realising their gains.