§ Mr. Joel Barnettasked the Chancellor of the Exchequer if he will instruct district inspectors of taxes to inform him of the number of persons who have paid the maximum rate of tax on the sale of land or property or shares in a company carrying out such sales in land or property under Section 488 of the Income and Corporation Taxes Act 1970; and what was the total revenue raised in such cases.
§ Mr. NottMost assessments on profits from the sale of land or property are made under Case I of Schedule D and not under Section 488. Information about assessments under the latter section would be costly in time and effort to collect and I do not think the results would justify the work.