andMr. P. Barry asked the Minister for Finance how his pre-budget estimate of £16 million receipts from capital taxes was made up; the anticipated timing of receipts throughout the year; and if he will give similar information in relation to his revised post-Budget estimate of receipts.
Written Answers. - Capital Tax Receipts.
342.
The following are the estimated pre-budget and post-budget receipts for capital taxes in 1978:
|
Estimate |
Pre-Budget |
Post-Budget |
|
Wealth Tax |
£9.0m. |
£0.5m. |
|
Capital Acquisitions Tax |
£4.0m. |
£2.8m. |
|
Capital Gains Tax |
£3.0m. |
£3.0m. |
|
TOTAL |
£16.0m. |
£6.3m. |
The receipts for capital acquisitions tax and capital gains tax, while they are not of their nature regular and predictable, are spread over the whole year. Wealth tax, on the other hand, was received mainly towards the end of the respective interest-free periods, namely, 5 December 1975, 5 July 1976 and 5 July 1977. The receipts for wealth tax in 1978 should dwindle as the year progresses.