§ Mr. Maurice Macmillanasked the Chancellor of the Exchequer whether he will give for the appropriate years, the yield, separately, of long- and short-term capital gains tax, respectively, and give an estimated percentage of total yield that is due to increased prices.
§ Mr. TaverneThe yield is estimated as follows:
Income Tax, Surtax and Profits Tax under Case VII of Schedule D Capital Gains Tax £m. £m. 1963–64 1½ Nil 1964–65 2 Nil 1965–66 2½ Nil 1966–67 2½ 8½ 1967–68 3 17 1968–69 5 48 (provisional) These figures do not include the corporation tax on the capital gains of companies, which is estimated to yield £4 million, £12 million and £45 million for 1966–67, 1967–68, 1968–69 respectively.
I am not sure what the hon. Member has in mind in the second part of his Question as the whole of the yield is necessarily due to increases in the prices of the capital assets concerned.
§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer what is the estimated cost to public funds of collecting £6 million of short-term capital gains tax in the current financial year.
§ Mr. TaverneThe information on which an estimate could be based is not at present available.