Capital Transfer Tax

HC Deb 07 February 1975 vol 885 c666W

Mr. Bates

asked the Chancellor of the Exchequer whether he will now publish his proposed reduced scale of rates of capital transfer tax on lifetime gifts.

Mr. Joel Barnett

Yes. I propose that the scale should be as follows:

Slice of chargeable transfers-£000	Rate on slice Percentage
0– 15	—
15– 20	5
20– 25	7½
25– 30	10
30– 40	12½
40– 50	15
50– 60	17½
60– 80	20
80– 100	22½
100– 120	27½
120– 150	35
150– 200	42½
200– 250	50
250– 300	55
300– 500	60
500–1,000	65
1,000–2,000	70
2,000+	75

Where a gift is made within three years of the death of the donor the tax charged will be increased to that appropriate to a transfer on death.