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Capital Transfer Tax

Volume 977: debated on Thursday 31 January 1980

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asked the Chancellor of the Exchequer what loss in revenue to the Exchequer would follow from the abolition of capital transfer tax.

It is estimated that the full-year cost of abolishing capital transfer tax accruing from capital transfers in 1979–80 would be about £450 million and the loss to the Exchequer in that year about £200 million.

asked the Chancellor of the Exchequer what would be the cost to the Revenue if the bands of capital on which capital transfer tax is levied were doubled on life-time gifts and if only the life-time table of rates of tax were applied, whether the transfer were made by the donor during his life, or at his death, on such doubled bands.