§ Mr. Hannamasked the Chancellor of the Exchequer if he will extend the relief for capital transfer tax in respect of gifts of works of art to arts institutions to include gifts of cash expressly for the purpose of purchasing works of art.
§ Mr. Denzil DaviesThe existing reliefs for capital transfer tax provided by paragraphs 10 and 12 of Schedule 6 to the Finance Act 1975 (gifts to charities and gifts for national purposes) already cover gifts of cash made for this purpose.
§ Mr. Hannamasked the Chancellor of the Exchequer if he will extend the power of the Inland Revenue to accept works of art in payment of capital transfer tax to all objects considered to be artistic value by the recipient national institution.
§ Mr. Joel BarnettThe standard for acceptance of works of art and other objects in lieu of capital transfer tax is laid down in legislation and I see no need to alter it.