asked the Chancellor of the Exchequer what would be the appropriate figures in columns 2, 3 and 4 of the first table in the Financial Secretary's Written Answer of 27th January to the hon. Member for St. Marylebone (Mr. Baker), assuming that the asset transferred had been held for 25 years, that over that period there had been a 10 per cent. per annum rate of inflation and the value of the asset had remained unchanged in real terms, and that "tax paid" in column 2 and "tax payable" in columns 3 and 4 referred to the total of capital transfer tax and capital gains tax.

, pursuant to his reply [Official Report, 6th February 1975; Vol. 885, c. 596], circulated the following information: An asset which had been held for 25 years and which had appreciated in the manner suggested would be liable for capital gains tax only on the part of the gain accruing from 6th April 1965.However, on the assumption that the full 25-year gain was chargeable, and that it was the value of the asset actually transferred which had appreciated in money value, and using the set of rates employed in my answer of 27th January—[Vol. 885, c.