HC Deb 09 March 1915 vol 70 cc1256-7
Mr. RUPERT GWYNNE

I beg to ask the Chancellor of the Exchequer a question, of which I have given the right hon. Gentleman private notice, namely: If his attention has been called to the fact that the estates of officers killed in action between August and December are being valued for probate on the assumption that prices were the same as on 30th July last, whereas most, if not all, Stock had depreciated between that date and the reopening of the Stock Exchange, and will he see that the Stock is valued on the basis of prices ruling at the reopening of the Stock Exchange?

Mr. LLOYD GEORGE

I think the hon. Member over-estimates the extent to which the prices ruling on the 30th July last have been taken as the criterion in the assessment of Death Duties during the period from 30th July to 4th January whilst the Stock Exchange was closed. If, however, in any case where independent evidence, e.g., price on sale, was not available, those prices were adopted and their adoption can be shown by reference to date of death or other circumstances to have operated harshly in the light of prices ruling on the 4th January, the Commissioners of Inland Revenue would be prepared to consider an application for a review of the assessment.

Mr. GWYNNE

Will the right hon. Gentleman not give a definite assurance that the widows of officers killed in action, or those inheriting their estates, should not be asked to pay on imaginary values that do not exist at all? Is the right hon. Gentleman not well aware that Stocks in nearly every case have depreciated, and will he not give a definite assurance to this House that the lower scale shall be accepted?

Mr. LLOYD GEORGE

This matter does not apply merely to the widows of those who have fallen at the front. It applies to every case of deaths since 30th July, and I propose that the rule should be acted upon in every case.

Mr. GWYNNE

Will the right hon. Gentleman bear in mind that when it suits the purposes of the Treasury they do not mind going back five years to get the value, and will he make it a few weeks?

Mr. LLOYD GEORGE

I thought I had made it perfectly clear; if not, let me assure the hon. Member that was what I thought was the purport of my answer.