10 APRIL 2004, Page 29

Wong chancellor

From Lord Monson Sir: Ross Clark (The only good tax is a death tax'. 27 March) unjustly maligns James Callaghan. It was not Callaghan but that famous 'modewate', Roy Jenkins, who in his first budget as chancellor, in March 1968, hit unsuspecting taxpayers with a swingeing capital levy in the shape of a massive surcharge on 1967-68 investment income.

Monson

London SW1