§ Mr. Ian Stewartasked 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 352W 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 DaviesIf 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.