§ Mr. Mandelson
To ask the Chancellor of the Exchequer in respect of how many estates notified for probate, valued at(a) over £1 million and (b) over £2 million, no tax was paid in each year since 1988.
§ Mr. Dorrell
Estimates for the numbers of estates applying for grants of representation and estates paying no inheritance tax where death occurred in the financial years 1988–89 and 1989–90 are given in the table. Figures for more recent years are not yet available.
approximately £650 million was raised, almost all of which was invested in newly built and second-hand residential property. Tax relief on this sum is estimated to amount to £250 million. Over £500 million was raised between 31 December 1992 and 16 March 1993; tax relief on that sum would be approximately £200 million.