§ Mr. Berryasked the Chancellor of the Exchequer why the capital transfer tax return requires transferors to give details of all gifts of chattels which exceeded £200 in value in one year.
§ Mr. Denzil DaviesThe capital transfer tax return for the period from 27th March 1974 to 5th April 1976 asks for details of gifts of chattels only if the total of such gifts in a tax year exceeds £200 in value or if the transferor's annual £1,000 exemption is exceeded. The value placed on a chattel can be subject to 433W a wide margin of error and transferors were asked to give details of gifts of chattels in these cases to enable the Inland Revenue to check, in appropriate circumstances, the taxpayer's valuation.