HC Deb 16 January 1979 vol 960 cc734-5W
Mr. Faulds

asked the Chancellor of the Exchequer whether it is the practice of the Commissioners of Inland Revenue to waive payments of interest on valuations for capital transfer tax purposes computed in respect of works of art and museum objects accepted in satisfaction of such tax, the interest in question being that calculable in respect of the period elapsing between the receipt of an offer of a work of art or museum object in satisfaction of tax and its acceptance ; and whether he will give instructions that the commissioners should not in future refuse to waive such payments in any but exceptional circumstances.

Mr. Joel Barnett,

pursuant to his reply [Official Report, 15th January 1979], gave the following information:

If a claim were made that in the exceptional circumstances of a particular case the statutory interest charge should be waived for the period specified in my hon. Friend's Question, the Inland Revenue would be prepared to consider such a claim on its merits. Friend will know, the Environment Sub-Committee of the Expenditure Committee, in its report on the National Land Fund, made a recommendation on this point; the Government are still considering this.