HC Deb 08 May 1978 vol 949 cc351-2W
Mr. Ian Stewart

asked the Chancellor of the Exchequer what would be the estimated revenue effect in 1978–79 and in a full year of altering the capital gains tax provisions contained in Clause 35 of the Finance Bill so that all taxable amounts in excess of £5,000 for an individual in any year of assessment were to be chargeable at a maximum rate of 30 per cent. instead of 50 per cent.

Mr. Denzil Davies

If subsection (3) of Clauses 35 were amended so as to limit an individual's liability on net gains exceeding £5,000 in a year of assessment to £600 plus 30 per cent. of the excess over £5,000, it is estimated that the cost of the clause would become £22 million in 1978–79 and £95 million in a full year.