§ Mr. THORNTONasked the Chancellor of the Exchequer whether he will consider the possibility of registering officially valuable pictures owned by individuals and so keeping them on the same footing as family heirlooms attached to estates by deferring the payment of death duty upon all such works of art until they are actually sold?
§ The CHANCELLOR of the EXCHEQUER (Mr. Lloyd-George)I explained in my Budget speech that I propose to extend to free estates the concession made by section 20 of the Finance Act, 1896, under which exemption from Estate Duty is granted in respect of objects of national, scientific or historic interest forming part of a settled estate. The Estate Duty in respect of such objects will, therefore, under my proposals, only become chargeable if and when they are actually sold.