§ Mr. Joel Barnettasked the Chancellor of the Exchequer how many persons have paid the maximum rate of capital gains tax on the sale of 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. NottInformation regarding the number of income tax assessments made under Section 488 is not available. That section does not impose any liability to capital gains tax.
§ Mr. Joel Barnettasked the Chancellor of the Exchequer if a limited company realises a gain on the sale of land or property which was acquired for the purposes of development or sale what is the rate of tax charged.
§ Mr. Joel Barnettasked the Chancellor of the Exchequer, in the case of a limited company, on how many occasions either the company or its shareholders has paid tax, respectively, higher than 40 per cent. or 30 per cent. on the sale of land or property under Section 488 of the Income and Corporation Taxes Act 1970; and what was the total revenue raised.