§ Question proposed, That the clause stand part of the Bill.
§ Mr. Norman Lamont
Clause 151 inserts a new subsection into section 233 of the Inheritance Tax Act 1984. The new subsection allows property offered in lieu of inheritance tax to be accepted on terms providing that the tax will cease to carry interest from a date earlier than the date when the property is formally accepted if the acceptance of the property is based on its value at that earlier date.
We very much hope that this clause will enable us to retain more works of art in this country and in our galleries. As hon. Members will be aware the acceptance-in-lieu system recently enabled us to acquire Constable's "Stratford Mill". I hope that the House will welcome the proposal as it has been welcomed by the art world in general.
§ Question put and agreed to.
§ Clause 151 ordered to stand part of the Bill.