§ 58. Viscount HELMSLEYasked the Chancellor of the Exchequer whether his attention has been called to the delay in 1182 the assessing of Estate Duty in the case of the estate of Margaret Thompson, deceased; whether he is aware that the executor of this estate is unable to distribute it to the beneficiaries, many of whom are poor people, owing to the failure of the Valuation Department to report, and that in consequence the funds of this estate have been lying idle since December last; and what is the necessity for the Valuation Department to report when, as in this case, the entire property has been disposed of by public auction and the realised price entered as the value on which Estate Duty is payable?
§ Mr. LLOYD GEORGEMy attention has been called to the case referred to by the Noble Lord. I am informed that the duty was assessed on the 25th instant. With regard to the last part of the question, I have explained, in reply to a question by the hon. Member for Dulwich on the 6th August last, that the price obtained on a sale of real property is not necessarily identical with the market value.