HC Deb 17 October 1975 vol 897 cc835-6W
Mr. Michael Latham

asked the Chancellor of the Exchequer what proportion of taxpayers liable for development gains tax in the first financial year of its operation opted for the gain to be spread over (a) four years, (b) three years, (c) two years and (d) one year.

Mr. Denzil Davies,

pursuant to his reply [Official Report, 13th October 1975; Vol. 897, c. 586], gave the following information:

About one-third of the individuals who have so far been assessed have opted for spreading, in general over four years, but since the time limit for opting is six years this cannot be taken as a reliable indication of the number who will eventually exercise the option.

Mr. Michael Latham

asked the Chancellor of the Exchequer how many assessments were made by the Revenue under the first letting or occupation provisions of the development gains tax in the first financial year of the tax; and in how many cases no tax was subsequently charged.

Mr. Denzil Davies,

pursuant to his reply [Official Report, 13th October 1975; Vol. 897, c. 586], gave the following information:

None of the assessments so far made related to first letting or occupation.

Mr. Michael Latham

asked the Chancellor of the Exchequer what was the total revenue obtained from the development gains tax during its first financial year of operation; what element of that total represented the yield from first lettings charge; and by how much the yield from the tax exceeded its annual administrative costs at Her Majesty's Treasury and the Inland Revenue, including provision for administrative overheads.

Mr. Denzil Davies,

pursuant to his reply [Official Report, 13th October 1975; Vol. 897, c. 586], gave the following information:

As I said in answer to an earlier Question, no assessments were made before June 1975. However, since such assessments to tax are necessarily made a considerable time after the transactions concerned it is too soon to estimate with any degree of reliability how much tax will eventually be assessed and collected for 1973–74, and how many of the eventual assessments will relate to first letting or occupation. To date, the annual administrative costs have been very small.