§ Mr. Edward DaveyTo ask the Chancellor of the Exchequer what estimate his Department has made of the impact on the capital gains tax yield of the changes to the capital gains tax system set out in the Finance (No. 2) Bill in each of the next 10 years; and if he will make a statement. [49484]
§ Mrs. Liddell[holding answer 9 July 1998]: The available information on the effect on Exchequer revenues of the capital gains tax package of reforms is as follows:
Year £ million (+)yield/(-)cost 1998–99 Negligible 1999–2000 -25 2000–01 +25 For later years, the exchequer effects will depend to a considerable extent upon movements in future asset prices, any behavioural changes and other factors. In the long term, the aim is for the changes to be broadly revenue neutral.
§ Mr. Edward DaveyTo ask the Chancellor of the Exchequer (1) what estimate his Department has made of the number of people who will benefit from the application of the new taper relief for capital gains tax on the sale of second homes in each of the next 10 years; [49518]
(2) what estimates his Department has made of the cost to public funds of applying capital gains tax taper relief to the sale of second homes in each of the next 10 years; and if he will make a statement. [49517]
§ Mrs. Liddell[holding answer 9 July 1998]: The information required to make such estimates is not readily available.