§ Mr. Spensasked the Chancellor of the Exchequer whether he is aware that the requisitioning of foreign balances and securities by the Treasury under the Defence (Finance) Regulations may, in certain cases, give rise to liability to Estate Duty which would not otherwise have arisen; and what steps it is proposed to take in the matter?
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§ Sir K. WoodI am aware that, as a result of the operation of the Regulations, assets situate in Great Britain may pass on death representing consideration moneys received in respect of foreign balances and securities which, if situate abroad, would not have been liable to Estate Duty. In such a case, where the death takes place not later than six months after the expiry of the Regulations, such part of the assets passing on the death as is shown, to the satisfaction of the Commissioners of Inland Revenue, to represent consideration moneys received in respect of balances and securities which, at the date of requisition, were situate out of Great Britain will, for Estate Duty purposes, be treated as so situate.