§ Mr. CousinsTo ask the Chancellor of the Exchequer if he will list all the new reliefs from, offers against, and exclusion from inheritance tax that he has announced since April 1992; and in each case what is the expected number of beneficiaries in a full year and the cost of the relief.
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§ Sir George YoungThe following changes to inheritance tax have been announced since April 1992:
Announced March 1993:
Extension from three years to four years of the qualifying period after death during which land and buildings may be sold and the sale price substituted for the value at death.Where an estate contains investments with quotations that have been suspended within a year after death, the investment, if unsold, may be valued for inheritance tax purposes at the value one year after death.Announced November 1993:
Extension from one year to three years of the period during which business and agricultural property gift in lifetime may be sold and replaced by the donee with similar qualifying property without loss of relief.Announced January 1994:
Provisions relating to settlements without interest in possession not to apply to assets held by corporate Lloyd's underwriters in premiums trust funds or ancillary trust funds.Each of those four measures has a negligible cost and the total cost is estimated at less than £5 million in a full year. About 200 estates benefit from the extended qualifying period for the sale of land and buildings. The remaining changes have very few beneficiaries. The has been no change to the inheritance tax threshold, which has remained at £150,000 since March 1992.