§ Mr. Faulds
asked the Chancellor of the Exchequer whether, pursuant to his written answer to the hon. Member for Warley, East, Official Report, 12 February, col. 601, relating to the exemption from any capital transfer tax charge on qualified heritage property accepted in satisfaction of tax, he will specify the statutory basis for the withholding from, or loss to, the tax debtor of any fraction or percentage of the relevant statutory exemption from capital transfer tax on those occasions when the Commissioners of Inland Revenue, in accepting exempted heritage property in lieu of such tax, are themselves according to law the acquiring body.
§ Mr. Peter Rees
[pursuant to his reply 21 February 1980]: There is no statutory authority for the douceur which is an administrative arrangement to ensure that, while the main benefit of the tax exemption on a private treaty sale ot works of art, buildings and land of scenic, scientific or historic interest to certain bodies listed in paragraph 12 of schedule 6 to the Finance Act 1975 goes to the acquiring body, the vendor is left with some moderate advantage.
The arrangement was introduced following the report of the Waverley committee on the export of works of art.