§ Mr. Newtonasked the Chancellor of the Exchequer what has been the yield of capital transfer tax on transactions inter vivos from the inception of the tax to the latest convenient date; how many assessments and individual taxpayers are involved; and in what proportion of cases the tax has been met by donees.
§ Mr. Denzil Davies,pursuant to the reply [Official Report, 13th June 1977], gave the following information:
Capital transfer tax assessed at lifetime rates totalled £24.1 million up to 20th May 1977. Payment of lifetime tax in the same period amounted to £38.2 million; this includes tax paid in advance of an assessment being made. There were 1,366 assessments on individual taxpayers in this period; a small proportion related to second or subsequent assessments on 143W one taxpayer. The tax was assessed on the footing that the donee was to beat the tax in 44 per cent. of these cases. In addition, there were 5,479 assessments on trusts.