Mr. Robert AinsworthTo ask the Chancellor of the Exchequer if he will list for the most recent year available the cost of conditional exemption from inheritance tax of(a) chattels and (b) land in each case indicating the number of estates granted exemption. [13927]
§ Mr. JackThe estimated cost to the Exchequer of granting conditional exemption from inheritance tax in 1994–95 is about £55 million for chattels, and £5 million for land and buildings. These figures represent the amount of tax deferred as long as the owners comply with their undertakings about the maintenance and preservation of the exempted property, and the provision of public access. If the undertakings are breached, or the property sold, tax is charged on the value of the property at that time.
In 1994–95, conditional exemption was granted to 59 estates in respect of chattels, and to 18 estates in respect of land and buildings.