§ Now I have something to say on Estate Duty. Last year, as the Committee will remember, the exemption limit was raised from £3,000 to £4,000. This year I propose to raise it to £5,000, with appropriate adjustments in the rates for estates just over that amount. Altogether about 12,000 estates will be exempted from duty and another 17,000 will get some relief—if the hon. Member for Cardiff, South-East (Mr. Callaghan) does not like it he can vote against it when the time comes.
§ Mr. James Callaghan (Cardiff, South-East)The only point I was trying to make to the right hon. Gentleman was that it would cost him only £8 million if he relieved all estates up to £10,000. Instead of making a trifling concession like this, why not do the thing properly?
§ Mr. MaudlingThe band between £8,000 and £20,000 seems to be getting rather narrow.
The change will take effect in the case of deaths occurring after today.
I propose to make one other Estate Duty change which, though minor in itself, will, I believe, be generally welcomed. Under a provision introduced in 1951 there is an Estate Duty exemption in favour of buildings of outstanding historic or architectural interest given or bequeathed to non-profit-making bodies to secure their preservation for the public benefit. I propose to extend this exemption to land of outstanding natural interest which is given or bequeathed to bodies such as nature conservancy trusts.