§ 4. Mr. GODFREY LOCKER-LAMPSONasked the Chancellor of the Exchequer if he will state on what basis the valuation for probate will be taken in the case of property of persons dying since the 1st of August last?
§ 9. Major MEYSEY-THOMPSONasked the Chancellor of the Exchequer on what basis he proposes to settle the value of stocks and shares for the purpose of levying Death Duties during the period that the Stock Exchange is closed?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Montagu)It is provided by Statute that the value of property for Estate Duty purposes shall be estimated at the price which in the opinion of the Commissioners of Inland Revenue is the market price at the time of the deceased's death. In the case of stocks and shares, the value will be estimated at their market price on the last day on which the Stock Exchange was open, subject to variation in the case of any security where it can be established that there have since been actual dealings at arms' length in that security at a different price.
§ Mr. PETOWill the hon. Gentleman state what price it is proposed to take in regard to stocks and shares?
§ Mr. MONTAGUThe price on the last day on which the Stock Exchange was open.