HC Deb 21 January 1969 vol 776 c231
18. Mr. Kenneth Baker

asked the Chancellor of the Exchequer whether he will seek to exempt from estate duty the family house when it is left to the surviving widow or widower.

Mr. Diamond

I have noted the hon. Member's suggestion.

Mr. Baker

Does the right hon. Gentleman agree that many estates today consist of a family house with a small amount of money, which incurs Estate Duty which it may be difficult for a widow to pay? Does he agree that it would be sensible to treat the family house for Estate Duty purposes in the same way as it is treated for Capital Gains Tax purposes, namely, by exempting it?

Mr. Diamond

The hon. Gentleman will know that there is a great distinction to be drawn between Capital Gains Tax and Estate Duty, but I listened carefully to what he said.

Mr. Ogden

Will my right hon. Friend inquire what the Opposition mean by a family house, because hon. Members opposite can mean something very different from what we mean on this side of the House.

Mr. Stratton Mills

In view of the inflation of house prices, will the right hon. Gentleman consider raising the exemption of the first £5,000 fixed many years ago to a more realistic figure to help smallish estates?

Mr. Diamond

On all these topics all I can say is that I am grateful to the hon. Gentleman for letting me know what he has in mind.