§ Mr. Roderickasked the Chancellor of the Exchequer what is the size, acreage, of a farm for which total tax commitment in the form of capital gains tax, estate duty, or capital transfer tax would be the same under pre-1974 regulations and under post-1974 regulations, respectively.
§ Mr. Denzil DaviesThe combined capital tax liability under the present tax regime would in most cases be less under the present capital tax system for farms of the following sizes:
Transfer Size of Farm Lifetime gift of farm owned by a single farmer up to 400 acres Lifetime gifts of farm owned by husband and wife up to 800 acres Farm passing on death of farmer up to 1,300 acres The figure will vary in individual cases according to the particular circumstances of the farmer and his farm.
The assumptions are those adopted in my previous answer to my hon. Friend.—[Vol. 908, c. 241.]