§ Mr. Cormackasked the Chancellor of the Exchequer what was the total yield of capital transfer tax on gifts inter vivos during 1976–77.
§ Mr. Denzil Davies,pursuant to the reply given by the Financial Secretary to the Treasury—[Official Report, 30th January 1978; Vol. 943, c. 24]—gave the following information:
The yield of capital transfer tax during 1976–77 in respect of gifts inter vivos is estimated at about £2 million. This does not include the tax which is charged at lifetime rates on distributions by discretionary trusts.