§ Mr. John MarshallTo ask the Chancellor of the Exchequer in how many Organisation for Economic Co-operation and Development countries the rate of capital gains tax is equal to the marginal rate of tax on incomes.
§ Mr. Norman LamontIn 20 of the OECD countries some taxable capital gains are taxed as ordinary income at the normal income tax rates. They are not in all cases formally treated as the top slice of that income, although this does not affect taxpayers' total liabilities. The overwhelming majority of these countries have no equivalent of indexation, which substantially reduces the effective rate of tax in the United Kingdom.
§ Mr. John MarshallTo ask the Chancellor of the Exchequer how many Organisation for Economic Co-operation and Development countries have a rate of capital gains tax as high as 40 per cent.
§ Mr. Norman LamontNineteen of the OECD countries which tax capital gains at income tax rates have a top income tax rate of at least 40 per cent. In addition, the Republic of Ireland has a separate capital gains tax with two higher rates above 40 per cent.