§ Mr. Lewisasked the Chancellor of the Exchequer upon what basis the Inland Revenue authorities propose to assess the value, for the purpose of Death Duties, of securities, such as Canadian Pacific Railway Common and International Nickel Common, which the Government have not requisitioned, but in which they have forbidden dealings and for which, in consequence, there is no current market quotation in this country?
§ Sir K. WoodI would refer my hon. Friend to the provisions of Section 7 (5) of the Finance Act, 1894, under which994W the value of any property for Estate Duty purposes is to be taken at the price which, in the opinion of the Commissioners of Inland Revenue, such property would fetch if sold in the open market at the date of the deceased's death. The question of what that price would be in the case of a particular security that may not be quoted is a matter which would have to be decided by reference to the relevant facts of the case.