§ Mr. MacGregorasked the Chancellor of the Exchequer how much of the yield of capital gains tax is accounted for by tax on disposals of investments made by approved investment trusts.
§ Mr. Denzil DaviesApproved investment trusts are liable to corporation tax, not capital gains tax, on gains arising from disposals of investments. Information regarding tax on such gains is not available centrally but it is estimated that on the basis of the Budget proposals unit trusts and investment trusts together will be liable to perhaps £15 million tax 505W annually in respect of their chargeable gains.