§ Nick HarveyTo ask the Chancellor of the Exchequer, pursuant to his answer to my hon. Friend Member for Truro and St. Austell Matthew Taylor of 15 October 2002,Official Report, column 600W, on inheritance tax, if he will break down the cost of the inheritance tax cultural exemption scheme; and what the value was of each object accepted. [78648]
§ Dawn PrimaroloThe breakdown is as follows:
Yield+/Cost- Net effect of conditional exemption (relief £8 million, less tax clawed back in respect of items losing conditional exemption £10 million) +£2 million Tax value of items accepted in lieu of tax -£8 million Cost of other heritage reliefs (private treaty sales and maintenance funds) -£2 million Net cost for 2001–2002 -£8 million These costs are recorded for the year in which all heritage aspects of a particular case are settled. Details of items accepted in lieu of tax, and the tax they can settle, are published by the Council for Museums, Archives and Libraries by reference to the year (often earlier) when an acceptance is agreed. Their 2000–2002 Report can be found at http://www.resource.gov.uk/action/ail/OOail.asp.
787W Exemption 15 (Statutory and other restrictions) of the Code of Practice on Access to Government Information applies to the value of objects taken into account for purposes of the other heritage reliefs.