§ Mr. Scott-Hopkinsasked the Chancellor of the Exchequer (1) what is his estimate of loss of revenue derived from capital transfer tax in the financial year 1979–80 if the transfer of growing timber and the land on which is was growing was exempt from being a chargeable transfer;
(2) what is his estimate of the loss of revenue derived from capital transfer tax in the financial year 1979–80 if the transfer of growing timber was exempted from being a chargeable transfer.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 11th May 1978; Vol. 949, c. 587], gave the following information:
Because of time lags in assessment and collection, a change in the CTT provisions would not significantly affect the revenue in 1979–80 from timber or from timber-bearing land. In a full year, the cost of exemption for the land would be about £½ million, taking account of the extension of business relief proposed in the Finance Bill. There will in any event be little CTT revenue from timber in the short term because of the existing CTT 231W reliefs, which have been extended in the Finance Bill.