§ Mr. Cormack
asked the Chancellor of the Exchequer under what circumstances the offer in lieu of estate duty or capital transfer tax by the trustees of the Swindon Estates of Gainsborough's portrait of Giovanna Baccelli was refused.
§ Mr. Joel Barnett
The offer of the portrait of Giovanna Baccelli was overtaken. While negotiations were proceeding, the Treasury was informed that the Tate Gallery wished to purchase it by private treaty.