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Capital Gains Tax

Volume 974: debated on Sunday 11 November 1979

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asked the Chancellor of the Exchequer if he will introduce legislation to reform capital gains tax as it affects the sale of farm property from parent to son or daughter on the retirement of the parent.

As my hon. Friend may know, the measure of relief from capital gains tax is already available on the sale of his farm by a working farmer on retirement at age 60 or over, whether it is sold to a son or daughter or otherwise. There is also a capital gains tax relief for gifts of business assets made at any age.

asked the Chancellor of the Exchequer if he will bring forward the threshold for age relief on capital gains tax from 65 to 60 years of age.

As my hon. Friend will know, we are conducting a thorough study of capital gains tax with a view to legislating at an early date. Although I cannot anticipate the outcome of this review, my hon. Friend's suggestion will be borne in mind.