§ Mr. Michael Brownasked the Chancellor of the Exchequer what is the estimated total yield to the Exchequer of (a) capital gains tax and (b) capital transfer tax in the financial year 1979–80.
§ Mr. Peter ReesI refer my hon. Friend to table 9 of the Financial Statement and Budget Report for 1979–80.
§ Mr. Michael Brownasked the Chancellor of the Exchequer what is the total
Thresholds 25 per cent. £ 30 per cent. £ 40 per cent. £ 45 per cent. £ Single person … … … … 1,165 1,915 11,165 13,165 Married couple … … … … 1,815 2,565 11,815 13,815 Two-wage married couple … … 2,980 4,480 12,980 14,980 Married with one child … … … 2,023 2,773 12,023 14,023 Married with two children … … 2,231 2,981 12,231 14,231 Married with three children … … 2,439 3,189 12,439 14,439 Married with four children … … 2,647 3,397 12,647 14,647 Thresholds as a percentage of supplementary benefit entitlement levels 25 per cent. 30 per cent. 40 per cent. 45 per cent. Single person … … … … 122.4 201.2 1173.3 1383.5 Married couple … … … … 117.5 166.1 765.0 894.5 Two-wage married couple … … 193.0 290.1 840.5 970.0 Married with one child … … … 99.6 136.6 592.1 690.6 Married with two children … … 94.7 126.5 519.2 604.1 Married with three children … … 85.8 112.2 437.7 508.1 Married with four children … … 83.6 107.3 399.4 462.5 The thresholds include child benefit where appropriate.
The supplementary benefit entitlement levels used are those recently announced, and are based, where necessary, on the ages of the children given in the question.
474Wcost of collecting and administering capital gains tax and capital transfer tax.
§ Mr. Peter ReesThe latest available figures are for the year 1977–78:
Capital gains tax—£10 million—estimated as explained in the Board of Inland Revenue's 120th report, paragraph 37.
Capital transfer tax and estate duty—£14.1 million.