§ Mr. Brothertonasked the Chancellor of the Exchequer what loss in revenue to the Exchequer would follow from the abolition of capital transfer tax.
§ Mr. Peter ReesIt is estimated that the full-year cost of abolishing capital transfer tax accruing from capital transfers in 1979–80 would be about £450 million and the loss to the Exchequer in that year about £200 million.
§ Mr. Hordernasked the Chancellor of the Exchequer what would be the cost to the Revenue if the bands of capital on which capital transfer tax is levied were doubled on life-time gifts and if only the life-time table of rates of tax were applied, whether the transfer were made by the donor during his life, or at his death, on such doubled bands.
§ Mr. Peter ReesI shall let my hon. Friend have a reply as soon as possible.