Tax (Gifts in Lieu)

HC Deb 27 May 1977 vol 932 cc648-9W

Mr. Joseph Dean

asked the Chancellor of the Exchequer if any property has recently been accepted in lieu of estate duty under the provisions of Section 56 of the Finance Act 1910 and Section 30 of the Finance Act 1953.

Mr. Denzil Davies

Yes, Cragside Hall, Rothbury, Northumberland, together with adjoining land, and the major contents have been accepted and transferred to the National Trust to be held for the enjoyment of the public.

The total cost borne by the National Land Fund after allowing for relief from estate duty and capital gains tax is £611,518.