HC Deb 06 November 1974 vol 880 cc159-60W
Mr. Trotter

asked the Chancellor of the Exchequer whether he will introduce legislation to increase the relief for capital gains tax purposes on the sale of a business upon retirement at the age of 65 years beyond the present figure of £10,000, having regard to the fall in the value of money since the figure was fixed in 1965; by what amount the figure of £10,000 would need to be increased in order to restore the real value of the relief to that existing in 1965; and what would be the estimated cost to the Exchequer in a full year of such an increase.

Mr. Robert Sheldon

Section 34 of the Finance Act 1974 doubled the limit on gains which can qualify for "retirement" relief under Section 34, Finance Act 1965, from £10,000 to £20,000 for an individual aged 65 or over. The equivalent of £10,000 in 1965 would be approximately £18,500. I regret it is not possible to estimate the cost of the concession.