Estate Duty (Property Leases, Nassau)

HC Deb 06 June 1961 vol 641 cc82-3W

Mr. Driberg

asked the Chancellor of the Exchequer if he has considered the estate agent's advertisement in a British magazine, a copy of which has been sent to him, inviting persons in Great Britain to acquire the leases of flats in Nassau for sums up to £16,000 because these are exempt from United Kingdom Estate Duty, guaranteeing a net 6 per cent. return for two years, and offering to pay prospective purchasers' expenses for visiting Nassau; and if he will estimate, approximately, the annual loss to the Exchequer attributable to such avoidance of Estate Duty.

Mr. Selwyn Lloyd

Yes. But I cannot make any estimate of the possible loss of duty.