§ Mr. William Clarkasked the Chancellor of the Exchequer by how much exemption of sale of a chattel for capital gains tax up to £1,000 would have to be increased to give the same current purchasing power as the £1,000 had in 1965 when the exemption limit was last altered.
§ Mr. Denzil DaviesBy £2,227. This estimate is based on the increase in the General Index of Retail Prices from April 1965 to December 1977, the latest date available.
§ Mr. William Clarkasked the Chancellor of the Exchequer by how much exemption of small gifts, for capital gains 519W tax, up to £100 would have to be increased to give the same current purchasing power as the £100 had in 1965 when the exemption limit was last altered.
§ Mr. Denzil DaviesBy £223. This estimate is based on the increase in the General Index of Retail Prices from April 1965 to December 1977, the latest date available.
§ Mr. MacGregorasked the Chancellor of the Exchequer whether he will indicate the loss of revenue that would arise from excluding from liability to capital gains tax those taxpayers whose net gains in a given year totalled less than £1,000, £2,000, £5,000, and £20,000.
§ Mr. Denzil DaviesAbout £12 million, £30 million and £75 million if net gains totalling less than £1,000, £4,000 and £5,000 respectively were excluded, assuming a marginal relief where the net gains somewhat exceeded these limits. The cost could be higher if the present pattern of disposals changed substantially. For this reason, the cost of excluding net gains totalling less than £20,000 cannot be estimated but it would be very large.
§ Mr. MacGregorasked the Chancellor of the Exchequer whether he will indicate the loss of revenue that would arise from excluding from liability to capital gains tax those taxpayers whose relevant disposals in a given year aggregated less than £2,000, £5,000 and £20,000.
§ Mr. Denzil DaviesAbout £1 million and £10 million it disposals aggregating less than £2,000 and £5,000 respectively were excluded. The cost could be higher if the present pattern of disposals changed substantially. For this reason, the cost of excluding disposals aggregating less than £20,000 cannot be estimated but it would be large.