§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer (1) what consideration he has given to the recommendation of the Bolton Committee that account should be taken, in determining the rate of corporation tax under the proposed new system, of the effect of a 50 per cent rate on small companies which rely on retentions for capital requirements; and if he will make a statement;
(2) what consideration he has given to the recommendation of the Bolton Committee that shortfall assessment on the trading income of close companies should be abolished; what estimate he has made of the cost to the Revenue of such a concession; and if he will make a statement;
(3) what consideration he has given to the recommendation of the Bolton Committee that disallowance of interest on loans for the purchase of interests in close companies as a deduction from income tax should be rescinded; what estimate he has made of the cost to the Revenue of such a concession; and if he will make a statement;
(4) what consideration he has given to the recommendation of the Bolton Committee that unrealised capital gains on all assets other than quoted securities should be taxed on half the gain, and that this tax should be credited against liability on realisation; what estimate he has made of the cost to the Revenue of such a concession: and if he will make a statement;
(5) what consideration he has given to the recommendation of the Bolton Committee that the 45 per cent. death duty concession should be extended to the net trading assets of, and to control 28W ling interests in, unquoted companies; what estimate he has made of the cost of such a concession to the Revenue; and if he will make a statement;
(6) what consideration he has given to the recommendation of the Bolton Committee that one-half of the cost of valuing assets other than quoted securities for purposes of estate duty should be treated as a deduction from liability; what estimate he has made of the cost of such a concession to the Revenue; and if he will make a statement.
§ Mr. Patrick JenkinWe are taking full account of the recommendations of the Bolton Committee in our current review of the tax system. It is not possible to give accurate estimates of the costs for which the hon. Member asks.