HC Deb 01 March 1973 vol 851 c400W
42. Mr. David Reed

asked the Chancellor of the Exchequer whether he is satisfied with the system for collection of capital gains tax as it applies to profits from the speculative buying of new houses for immediate resale; and if he will make a statement.

Mr. Nott

Such profits are liable to income tax, not to capital gains tax, and I have no reason to think that they are not being duly assessed.