Taxation: Capital Gains Tax

Debate between Lord Bridges of Headley and Lord Brooke of Sutton Mandeville

Tuesday 7th July 2015 Lords Chamber

[Lord Bridges of Headley]

My Lords, the Government believe that the current structure of CGT balances the need for simplicity alongside fairness by having three effective rates, which provide a lower rate for basic-rate taxpayers and support for entrepreneurs, alongside the main rate. At that, I am going to stop.

[Lord Brooke of Sutton Mandeville (Con)]

My Lords, I declare an interest as somebody who paid capital gains tax last year, having already made it. I am prepared to volunteer through my noble friend to teach the noble Lord, Lord Foulkes, first, how to make a capital gain and, secondly, how he declares it for tax.

[Lord Bridges of Headley]

I look forward to that great contribution, my Lords.