§ Mr. MacGregorasked the Chancellor of the Exchequer what is his estimate of the yield from capital transfer tax in the current fiscal year, divided as between 680W lifetime gifts and transfers on death; and what is the estimated cost of collection.
§ Mr. Denzil DaviesThe estimated yield of capital transfer tax for 1977–78 is £35 million from lifetime gifts—including distributions by discretionary trusts—and £275 million from transfers on death. I regret that it is not possible to make an estimate of the cost of collecting capital transfer tax in the current year. The cost of collecting both capital transfer tax and estate duty in 1976–77 expressed as a percentage of yield was 3.57 per cent.