asked Her Majesty's Government:(a) What was the yield of capital gains tax for the last available financial year; and (b) what would be the estimated loss of revenue if assets acquired more than (i) five years and (ii) two years before disposal were removed from the charge to tax.

The provisional estimate of capital gains tax receipts in 1995–96 is 800 million. The costs, expressed in terms of the reduction to capital gains tax liabilities for a full tax year, of removing from charge to capital gains tax the disposal of assets acquired more than (i) five years and (ii) two years before disposal are as follows:

Charge removed from assets held more than	Full year cost (for 1996–97) £ billion	Full year cost (medium term)£ billion
(i) 5 years	1.1	1.8
(ii) 2 years	1.3	2.0

These estimates take into account the likely effect on capital gains tax yield of changes to the timing and volume of disposals in the year brought about by changes in taxpayers' behaviour, but not the consequential effects on other taxes.Capital gains made by companies, including those gains of insurance companies which are attributable to policyholders, are chargeable to corporation tax and, as such, are excluded from the figures above.