§ 53. Mr. Arthur Lewisasked the Chancellor of the Exchequer what, in the context of his policy of reducing taxation, is his policy regarding capital gains tax.
§ Mr. Patrick JenkinI would refer the hon. Member to the answer I gave earlier today to my hon. Friend the Member for Truro (Mr. Dixon).
§ Mr. Dykesasked the Chancellor of the Exchequer (1) if he will take steps to reduce the costs of collection of the short-term and long-term capital gains taxes;
(2) if he will make a statement of his policy on the short-term and long-term tax on capital gains; what the yield on both these taxes was for the fiscal year 1969–70; and what is the estimated yield for the fiscal year 1970–71.
§ Mr. Patrick JenkinI would refer my hon. Friend to the answer I gave earlier today to my hon. Friend the Member for Truro (Mr. Dixon). The yield is shown in the following table:
Tax on Short Term Gains Capital Gains Tax £m. £m. 1969–70 … 7 127 1970–71 … 3 150 These figures do not include corporation tax on the chargeable gains of companies, which is provisionally estimated at £200 million in 1969–70 and £300 million in 1970–71.