HC Deb 23 November 1995 vol 267 cc274-5W
Mr. Robert Ainsworth

To ask the Chancellor of the Exchequer if he will list all the new reliefs from offers against, and exclusion from, inheritance tax and capital gains tax that he has announced since April 1992, in each case indicating the expected number of beneficiaries in a full year and the cost of the relief. [85]

Mr. Jack

There have been no new reliefs from inheritance tax since the answer to a similar question from the hon. Member for Newcastle on Tyne, Central (Mr. Cousins) on 25 November 1994,Official Report, column 466. However, there have been changes/extensions to the inheritance tax threshold and relief for agricultural assets.

The new reliefs from capital gains tax announced since April 1992:

  • Reinvestment relief (excluding deferral reliefs under venture capital trusts and the Enterprise Investment Scheme);
  • Venture Capital Trusts;
  • Enterprise Investment Scheme.

Unfortunately it is not possible to provide a reliable estimate for the number of beneficiaries in a full year. However, estimates for the full-year costs in 1995–96 of the new reliefs are:

Million
Cost1
Reinvestment relief 50
Venture Capital Trusts 10
Enterprise Investment Scheme 10
1 These estimates are tentative and subject to a wide margin of error.

There have also been changes/extensions to CGT retirement and rollover reliefs and to the CGT annual exemption.