§ 49. Sir J. Mellorasked the Chancellor of the Exchequer what valuation was fixed by the authorities at Somerset House for purposes of Estate Duty upon ordinary shares of Imperial Airways, Limited, prior to the announcement of the recent new issue; and whether the then current market price was accepted for that purpose?
§ Sir J. SimonI am informed that, so far as is known, no departure has been made, in the case of ordinary shares in this company requiring to be valued for Estate Duty purposes, from the normal practice of the Inland Revenue authorities by which such valuation is made on the basis of the Stock Exchange quotation on the day of death.
§ Sir J. MellorWill the Chancellor of the Exchequer give an assurance that Estate Duty will not be paid on the basis of a valuation which he has described as inflated?
§ Mr. Garro JonesIs the right hon. hon. Gentleman aware that the price of these shares has fluctuated in recent years between 5s. and 62s., and does he consider that that is conducive to the well-being of aviation?