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Tax Liability

Volume 124: debated on Friday 18 December 1987

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To ask the Chancellor of the Exchequer what is the reduction in annual liability to (a) capital gains tax and (b) capital transfer tax in 1987–88 as compared

Reduction, compared with indexed 1978–79 regime, in:Taxpayer Numbers (thousands)
Liability (£ million)Liability1(£)Indexed RegimeRegime
Capital Gains Tax1,2001,800650200
Capital Transfer Tax/Inheritance Tax2503,8007030
1 Calculated for the number of taxpayers under the 1978–79 indexed regime.
The figures for capital gains tax exclude capital gains realised by companies and taxed within corporation tax.In each case the 1987–88 tax base is taken as given. It is not possible to determine to what extent changes to the taxes between 1978–79 and 1987–88 may have affected the levels of transfers and disposals.