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Capital Gains Tax (Rates)

Part of the debate – in the House of Commons at 12:36 pm on 23rd June 2010.

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Photo of Alistair Darling Alistair Darling Shadow Chancellor of the Exchequer 12:36 pm, 23rd June 2010

Our policy, as the hon. Gentleman will know, was to restore the earnings link from 2012. I can see that bringing that forward to a year in which earnings are likely to be very low had a political attraction. I think that was the subject of exchanges at Prime Minister's Question Time, and it will not have the cash effect that is thought. As for personal allowances, I am in favour of taking people out of tax if at all possible, but the same people who are being taken out of tax will be paying increased VAT.

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