§ Mr. Hannam
asked the Chancellor of the Exchequer what has been the amount gained by charities as a result of the concessions made in the 1980 Budget; and how this compares with his estimate of £30 million at the time.
§ Mr. Ridley
[pursuant to his reply, 18 February 1982, c. 183]: It was estimated that the concessions in the 1980 Budget would cost the Exchequer in loss of tax £30 million in a full year. I regret that it is not yet possible to say how accurate this estimate will prove to be. One of the changes—higher rate tax relief for deeds of covenant—did not take effect until April 1981, and the full benefits of the other measures—for example, the increase in the capital transfer tax exemption on the death of benefactors—will 477W not by their nature accrue immediately. Some 69,000 more new deeds of covenant to charities have been submitted to the Inland Revenue during the last year than in the previous year.