Capital Gains Tax

Treasury written question – answered on 20th May 2008.

Alert me about debates like this

Photo of Austin Mitchell Austin Mitchell Labour, Great Grimsby

To ask the Chancellor of the Exchequer if he will estimate the additional revenue from capital gains tax if it were levied on companies at the same rate as corporation tax in 2008-09.

Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury

No additional revenues would be raised. Companies are not subject to capital gains tax, instead any chargeable gains accruing to them are charged to corporation tax as part of their total profits. Consequently companies' chargeable gains are already taxed at the relevant rate of corporation tax for 2008-09.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.