§ Mr. Newtonasked the Chancellor of the Exchequer if he will set out for Germany, Belgium, France, Holland, Italy, Denmark, the United Kingdom and the United States of America a table showing what is the maximum rate of tax on a gratuitous transfer of capital by a man on his death to (a) his son, (b) his nephew, and (c) a person not related to him; and 541W what is the value of the capital gratuitously transferred at which the maximum rate applies.
§ Mr. Robert SheldonThe information requested is shown in the table below. It
Son Nephew Unrelated peson Maximum rate Per cent. Applies at £ Maximum rate Per cent. Applies at £ Maximum rate Per cent. Applies at £ Germany … … … 35 24,899,000 65 24,878,000 70 24,876,000 Belgium … … … 17 157,980 70 157,980 75 157,980 France … … … 20 31,250 55 1,140 60 1,140 Holland … … … 17 116,320 45 114,940 54 114,940 Italy … … … 31 631,100 50 631,100 60 631,100 Denmark … … … 32 89,700 90 89,700 90 89,700 United Kingdom … … 75 2,010,000 75 2,010,000 75 2,010,000 United States of America … 70 2,753,300 70 2,753,300 70 2,753,000
§ Mr. Newtonasked the Chancellor of the Exchequer if he will set out for Germany, Belgium, France, Holland, Italy, Denmark, the United Kingdom and the United States of America what the maximum rate of tax on a gratuitous transfer of capital is for a man during his lifetime
Son Nephew Unrelated peson Maximum rate Per cent. Applies at £ Maximum rate Per cent. Applies at £ Maximum rate Per cent. Applies at £ Germany … … … 35 24,899,000 65 24,878,000 70 24,876,000 Belgium … … … 17 157,980 70 157,980 75 157,980 France … … … 20 31,250 55 Immediately 60 Immediately Holland … … … 17 115,400 45 114,940 54 114,940 Italy … … … 31 631,100 50 631,100 60 631,100 Denmark … … … 32 89,700 39.6 10,830 39.6 10,830 (See Note 3) (See Note 3) United Kingdom … … 75 2,012,100 75 2,012,100 75 2,012,100 United States of America … 70 2,753,470 70 2,753,470 70 2,753,470 It has been assumed that the whole of the gift passes to the beneficiary concerned and that no previous chargeable transfers have been made.
Where relevant, it has been assumed that the tax is paid by the donee.
In Denmark gift tax is only imposed on transfers to members of the donor's immediate family—e.g., descendants, parents, grandparents, etc. In most other cases a charge to income tax arises and the table shows in the columns headed "nephew" and "unrelated person" the top rate of Danish income tax and the threshold at which it applies.
For the United Kingdom the new scale of capital transfer tax rates announced in the economic statement of 26th October has been used.
Rates of exchange for 2nd December 1977 have been used.
542Whas been assumed that the whole estate passes to the beneficiary concerned and that the deceased has made no transfers chargeable to gift tax during his lifetime. Rates of exchange on 2nd December 1977 have been used.
to (a) his son, (b) his nephew, and (c) a person not related to him; and what is the value of the capital gratuitously transferred at which the maximum rate applies.
§ Mr. Robert SheldonThe information requested is shown in the table below: