§ Mr. Bodyasked the Chancellor of the Exchequer what is the loss of revenue in the form of capital transfer tax in the last convenient 12 month period caused by owners of farmland being treated differently from (a) owners of such businesses, and (b) owners of invested capital.
§ Mr. Peter ReesThe cost of giving agricultural relief under schedule 8 to the Finance Act 1975 in respect of transfers of agricultural property rather than business relief under schedule 10 to the Finance Act 1976 is estimated to have been about £3 million in 1980–81. The total cost of relief under schedule 8 is estimated to have been £25 million in the same year; in addition a small proportion of the total cost of business relief, estimated to have been £20 million in that year, will have been attributable to farm businesses.