§ Mr. Peter Reesasked the Chancellor of the Exchequer what are the respective 45W amounts of the aggregate transferred properly which would attract capital transfer tax at the following rates: 15 per cent., 25 per cent., 35 per cent., 45 per cent., 55 per cent., 65 per cent. and 75 per cent. ; and what are the corresponding amounts of property passing on death which would have attracted estate duty at the same overall percentages in the years 1970, 1965, 1960, 1955, 1950 and 1945, allowing for the diminution in the value of the pound.
Effective rate of duty (%) 1974–75(post November Budget) 1970–71 1965–66 1960–61 1955–56 1950–51 1945–46 15 … 48,300 32,900 37,600 44,400 50,600 61,800 110,900 25 … 83,800 57,500 73,600 86,900 99,000 120,900 221,900 35 … 138,800 81,300 96,500 113,900 129,800 158,500 393,100 45 … 158,500 130,600 148,700 175,500 200,000 244,200 796,400 55 … 602,500 247,400 305,100 357,700 407,600 497,600 1,216,400 65 … 2,102,000 593,000 623,500 735,800 838,400 1,023,600 3,128,100 75 … N/A 1,504,400 1,636,400 1,931,300 2,200,500 2,686,600 8,759,100 N/A Not applicable.
As the rate of duty on the top slice of property for the rate scale proposed in the November 1974 Budget is 75 per cent., an average rate of 75 per cent. can never be attained. For 1945–56 legacy and succession duty were also levied, but these are excluded from the calculations. For past years, the adjustment to current prices has been made on the basis of the ratio or the purchasing power of the pound in April of the year in question to that in April 1974.