asked the Chancellor of the Exchequer what is his latest estimate of the yield from capital transfer tax in 1978–79; and how this compares in cash terms and real terms with the yield over the past 10 years from this tax and from estate duty.
,pursuant to his reply [Official Report, 17th January 1979 ; Vol. 960, c. 777.],gave the following information:The expected yield of capital transfer tax in 1978–79 is £320 million. In addition, about £50 million of estate duty will be collected in 1978–79, in respect of
Mid-December 1977 and mid-December 1978—the latest published figure—the revised allowances would be as follows:
| Single allowance | 1,068 |
| Married allowance | 1,664 |
| Additional personal allowance | 597 |
| Age allowance: | |
| Single | 1,410 |
| Married | 2,250 |
The values of the increases in the allowances shown above would be:
deaths occurring on or before 12th March 1975. The table below shows the total yield of capital transfer tax plus estate duty in each of the past 10 years. In interpreting these figures it should be borne in mind that where property passed to a surviving spouse it was often charged to estate duty on the death of each spouse, whereas it is charged to CTT only on the death of the survivor. The table below also shows the "real terms" yield in each of the past 10 years at October 1978 retail prices ; but the capital values on which the tax is charged do not necessarily move in line with the reail price index.
Yield from capital transfer tax and estate duty(£million) | Yield from Capital Transfer tax and estate duty at October1978retail prices*(£million) | |
| 1978–79‡ | 370 | 370 |
| 1977–78 | 398 | 430 |
| 1976–77 | 383 | 472 |
| 1975–76 | 330 | 468 |
| 1974–75 | 339 | 600 |
| 1973–74 | 412 | 859 |
| 1972–73† | 459 | 1,057 |
| 1971–72† | 451 | 1,112 |
| 1970–71† | 357 | 962 |
| 1969–70† | 365 | 1,055 |
| 1968–69† | 382 | 1,161 |
* The yield in the year has been adjusted in proportion to the increase in the general index of retail prices between the year and October 1978. | ||
| † Does not include receipts in Northern Ireland. | ||
| ‡ Estimated, based on index as at October 1978 | ||