§ Sir F. NELSONasked the Chancellor of the Exchequer the procedure in force for the valuation of estates submitted for probate in so far as the ascertaining of the market value of securities is concerned; whether the prices necessary to calculate such value are determined by the authorities; and, if so, if any principle is laid down ensuring that the prices of stocks and shares selected for the necessary valuation are such as to promote general agreement as between the parties concerned?
§ Mr. McNEILLSection 7 (5) of the Finance Act, 1894, prescribes that the principal value for purposes of Estate Duty of any property passing on a death shall be estimated to be the price, which in the opinion of the Commissioners of Inland Revenue such property would fetch if sold in the open market at the time of the deceased's death. In the case of stocks and shares, which are quoted on the Stock Exchange, it is the general1060W practice to base the market value on the published quotations on the day of the deceased's death; in the case of other stocks and shares, the market value is ascertained by reference to the facts and circumstances prevailing in each particular case. A determination of value by the Commissioners may be the subject of appeal to the Courts; but in practice in the great majority of cases little difficulty is experienced in arriving at agreement.