Mr. ColinShepherd asked the Chancellor of the Exchequer what he estimates would be the cost to the Exchequer if husband and wife were to be able to be assessed separately for the purposes of capital gains tax.
§ Mr. Norman LamontIf husband and wife were each entitled to an annual exempt amount of £6,300, and if unused amounts were transferable to the other spouse, the cost would be of the order of £50–100 million.
§ Mr. Blairasked the Chancellor of the Exchequer (1) how many individuals paid capital gains tax on the sale of shares for the year 1985–86; and what was the total yield in capital gains tax for 1985–86 from such sales of shares;
(2) how many individuals paid £750 or more capital gains tax on the sale of shares for 1985–86; and what was the total yield in capital gains tax from such individuals.
§ Mr. Norman Lamont[pursuant to his reply, 26 January 1987]: It is estimated that about 80,000 to 90,000 individuals will pay capital gains tax on chargeable gains from disposals of shares in 1985–86, with some 50,000 to 60,000 paying more than £750 on such disposables. In both cases, the total amount of capital gains tax paid on disposal of shares is estimated to fall within the range £500–£600 million.