§ Mr. Tim SmithTo ask the Chancellor of the Exchequer if he will publish a table showing the information he has about capital gains tax rates in France, West Germany, Japan and the United States of America and giving the comparable rates in the United Kingdom.
§ Mr. Norman LamontThe latest information available is contained in the table.
Nominal rate(s) of tax on gains of individuals Country Per cent. France3 16 West Germany1 2 22–56 Japan1 4 10.5–60 United States of America1 15 and 28 United Kingdom1 25 and 40 Notes
1 Rate(s) determined by adding gains to income.
2 Tax charge generally confined to short-term gains and substantial shareholding in companies. Proposals are under more comprehensive taxation of gains.
3 Gains on portfolio investments generally exempt if less than in specified annual limit: special provisions for long-term gains.
4 Gains on portfolio investments at present generally exempt, but there are proposals for taxing such gains. Special provisions for long-term gains.