HC Deb 01 July 1996 vol 280 c283W
Mr. Alton

To ask the Chancellor of the Exchequer what was the total cost of the conditionally except works of art list in uncollected inheritance tax(a) in 1995 and (b) since the list started, inflation adjusted. [34221]

Mr. Jack

The estimated overall cost to the Exchequer of granting conditional exemption from inheritance tax/capital transfer tax to works of art and chattels is about £55 million in 1994–95 and around £700 million over the period 1984–85 to 1994–95, at constant 1994–95 prices using the GDP market deflator. Comparable information for earlier years to 1977–78 when the list started is not available. And there are no separate estimates of the cost of exempting items included in the list.

The exemption is conditional, not absolute. Its broad effect is to defer payment of tax on the qualifying items for so long as the conditions of the exemption are met. the figure of £700 million given above does not take into account any deferred tax subsequently paid.

Mr. Alton

To ask the Chancellor of the Exchequer how many individuals have been asked by the Inland Revenue to remove items from the exempt works of art list as a result of denial of access(a) in 1995 and (b) since the list has existed. [34223]

Mr. Jack

In 1995 one owner has had items removed from the list because of a failure to provide public access. The capital taxes office has no record of any previous such removal of items.

Mr. Alton

To ask the Chancellor of the Exchequer what was the average inflation adjusted gross yearly income of individuals owning conditionally exempt works of art in(a) 1995, (b) 1980 and (c) the first year of the relevant list. [34220]

Mr. Jack

The information requested is not readily available and could be obtained only at disproportionate cost.

Mr. Alton

To ask the Chancellor of the Exchequer how many complaints have been received by the Inland Revenue regarding denial of access to conditionally exempt works of art(a) in 1995 and (b) since the scheme came into existence. [34222]

Mr. Jack

The capital taxes office has received no complaints from members of the public regarding denial of access to conditionally exempt works of art. If anyone feels that he or she has been unreasonably denied such access, they should write to that office.