Capital Gains Tax

Treasury written question – answered on 20th May 2008.

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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 individuals at the basic rate of income tax in 2008-09.

Photo of Jane Kennedy Jane Kennedy Financial Secretary, HM Treasury

A reform of this kind would result in a large behavioural response and such estimates are susceptible to a wide margin of error. A broad estimate of the eventual steady state impact, taking account of the likely taxpayer response to such a change, is additional receipts in the order of £400 million a year by comparison with the current capital gains tax regime.

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