HC Deb 16 July 1974 vol 877 cc94-5W
Mr. Redmond

asked the Chancellor of the Exchequer if he is aware that executors of wills are refusing to wind up estates until they know for certain whether they will have liabilities for wealth tax; that, as a result beneficiaries are being denied their legacies and in some cases are in severe distress; and if he will make an urgent statement about his intentions to clarify the position.

Mr. Joel Barnett

There is no question of making the wealth tax effective from a current date. As regards the new tax on gratuitous transfers of capital, I stated on 30th April—[Vol. 872, c. 424]—that the existing estate duty law continues to apply on deaths before the publication of the second Finance Bill; there is therefore no reason for the winding up of estates of deceased persons to be held up.