Capital Gains Tax

HC Deb 16 February 1971 vol 811 cc384-5W

46. Mr. Rost

asked the Chancellor of the Exchequer whether he will propose to exempt small investors, particularly those saving on a contractual basis as members of bona fide investment clubs, from capital gains tax.

Mr. Higgins

I have noted my hon. Friend's suggestion.

62. Mr. Cormack

asked the Chancellor of the Exchequer what was the revenue from capital gains tax in the first nine months of 1970–71 and what this corresponds to at an annual rate; and whether he will give an estimate of the long-term annual yield of this tax, taking the good years with the bad.

Mr. Macmillan

The net receipt of capital gains tax during the first nine months of 1970–71 was £108 million, which is three-quarters of £144 million. The long-term yield may be about £100 million per year.

Mr. Stratton Mills

asked the Chancellor of the Exchequer if he will take steps to increase the exemption limit for capital gains to £500, combined with a system of marginal relief.

Mr. Higgins

I have noted my hon. Friend's suggestion.