§ 23. Mr. Hardyasked the Chancellor of the Exchequer if he will reconsider the application of capital gains tax to the increased value of farm vehicles and plant which are surrendered in part exchange for new replacements.
§ Mr. Robert SheldonNo. The whole cost of the new plant is effectively relieved from tax as capital allowances against income, and it is right that any gain on the disposal of the old asset should be charged to capital gains tax.