26 DECEMBER 1970, Page 19

Skinflint is slapdash

Sir: I was very sorry to see in the SPECTATOR that you have omit- ted the last paragraph of my letter. It seems to me to be the only part worth publishing: 'The prospect of paying capital gains tax in large slices has a remark- ably deterrent effect on generosity, and encourages emigration with its consequent substantial loss of inland revenue and adverse effect on balances of payments. Emig-

ration also offers the generous- minded the kudos of buying islands or works of art out of tax savings to give or lend to the nation.'

Douglas Collins The Royal Seed Establishment, Reading, Berks