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Capital Transfer Tax

Volume 978: debated on Wednesday 6 February 1980

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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 lifetime gifts and, if only the lifetime table of rates of tax were applied—whether the transfer were made by the donor during his life, or at his death—what would be the cost to the Revenue on such doubled bands.

[pursuant to his reply, 31 January, c. 770]: If the above scale and rates were applied to all transfers in 1979–80 the cost would be about £320 million.