HC Deb 13 December 1976 vol 922 cc540-1W
Mr. Newton

asked the Chancellor of the Exchequer whether he will tabulate the cumulative tax payable as estate duty in respect of the tax year 1973–74, and CTT in respect of 1976–77, for estates of £50,000, £100,000, £250,000 and £1 million, represented by (a) Stock Exchange

CAPITAL TRANSFER TAX
Estate Duty(1) (£) Life(2) Death (£)
(A) Stock Exchange Securities or Cash
£
50,000 … … … … 11,750 3,875 7,750
100,000 … … … … 37,250 14,125 28,250
250,000 … … … … 134,750 76,375 114,750
1,000,000 … … … … 684,750 548,875 589,750
(B) Agricultural Land in Hand (3)(4)
£
50,000 … … … … 6,462 625 1,250
100,000 … … … … 20,487 3,875 7,750
250,000 … … … … 74,112 21,375 41,000
1,000,000 … … … … 376,612 223,875–321,375 264,750–362,250
(C) Let Agricultural Land(4)
£
50,000 … … … … 6,462 3,875 7,750
100,000 … … … … 20,487 14,125 28,250
250,000 … … … … 74,112 76,375 114,750
1,000,000 … … … … 376,612 548,875 589,750
(D) Family Business(5)
£
50,000 … … … … 9,106 1,750 3,500
100,000 … … … … 28,868 7,625 15,250
250,000 … … … … 104,431 40,750 69,750
1,000,000 … … … … 530,681 353,875 394,750
Notes:
(1) No estate duty was payable on gifts inter vivos provided that the donor survived seven years after making the gift. Duty, up to the amounts tabulated, would have been payable on gifts made within this period.
(2) The amounts shown for lifetime transfers under CTT assume that the transfers were made more than three years before death; otherwise the death scale applies.
(3) It is assumed that the owner qualifies for working farmer relief under CTT; the higher figure for the estate of £1,000,000 is based on agricultural relief being available up to £250,000 and business relief on the excess; the lower figure allows agricultural relief on the full value of the estate, which would be possible only if the land were valued at £1,000 or more per acre.
(4) In the case of agricultural lands it is assumed that the whole of the estate qualified for the agricultural relief for estate duty.
(5) It is assumed that the owner qualifies for the 30 per cent. business relief for CTT; the ED calculations assume that the former business assets relief was available on the plant and machinery but not on the remainder of the business.
(6) It is assumed throughout that no other special reliefs or exemptions are available (including, in the case of lifetime transfers, the £2,000 annual exemption).