HC Deb 17 May 1976 vol 911 cc328-9W
Mr. Roderick

asked the Chancellor of the Exchequer if as a result of the Budget he will bring up to date the answers he gave on 24th March 1976 and 31st March 1976 to questions [Official Report, c. 214 and c. 494, respectively], asked by the hon. Member for Brecon and Radnor.

Mr. Joel Barnett

The revised figures for the capital transfer tax payable on seven illustrative farms, taking into account the Budget proposals for business and agricultural relief, are set out below; the capital gains tax figures are unchanged, but are included for completeness.

The combined capital tax liability, taking into account the Budget proposals, would in most cases be less than under the pre–1974 regime for farms of the following sizes:

Transfer Size of farm
Lifetime gift of farm owned by a single farmer Up to 450 acres
Lifetime gift of farm owned by husband and wife Up to 1,000 acres
Farm passing on death of farmer Up to 3,000 acres

The assumptions for both tables are those adopted in the two previous answers to my hon. Friend. There will of course be variation in individual cases according to the particular circumstances of the farmer and his farm.

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