Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Capital acquisitions tax
Again the Government have no quarrel in principle with the capital acquisitions tax. I do propose, however, to increase certain thresholds. In particular, I intend to double the threshold in Tables II, III and IV of the Second Schedule to the Act which, I believe, were fixed at too low a level in the first instance. These changes will, of course, involve readjustments to the various ranges within these tables. The cost of all the adjustments is estimated at £1 million in 1978.