HC Deb 03 March 1977 vol 927 cc315-6W
Mr. Hordern

asked the Chancellor of the Exchequer if, from international

(a) LIFE-TIME GIFTS
United Kingdom
Amount of gift Paid by donee Paid by donor United States of America France West Germany Japan
£ £ £ £ £ £
£20,0000 … … 250 270 NIL 12,000 4,485 6,497
£30,000 … … 1,125 1,286 Nil 18,000 7,609 13,228
£40,000 … … 2,375 2,971 Nil 24,000 11,544 19,228
£50,000 … … 3,875 4,697 Nil 30,000 14,890 25,595
£100,000 … … 14,125 19,483 9,016 60,000 36,213 59,410
£200,000 … … 51,375 109,688 41,732 120,000 88,664 132,101
£500,000 … … 223,875 662,916 151,494 300,000 259,618 357,101

(b)TRANSFERS ON DEATH
Amount of transfer United Kingdom United States of America France West Germany Japan
£ £ £ £ £
£20,000 … … 500 Nil 11,296 4,485 Nil
£30,000 … … 2,250 Nil 17,296 7,609 Nil
£40,000 … … 4,750 Nil 23,296 11,544 Nil
£50,000 … … 7,750 Nil 29,296 14,890 31
£100,000 … … 28,250 9,016 59,296 36,213 12,019
£200,000 … … 84,750 41,732 119,296 88,664 53,934
£500,000 … … 264,750 151,494 299,296 259,618 228,002

The figures assume a single transfer to one person with no reliefs or exemptions available apart from the threshold or the equivalent of a threhold. In some cases the figures would be very substantially affected by special reliefs, exemptions or lower rates of tax e.g., where property passes to a spouse or certain classes of close relative.

The figures are based on the rates of exchange at 21st February 1977.

Any local taxes on life-time gifts and at death have been left out of account.

The figures for tax on life-time gifts in West Germany assume that the donee pays the tax. Where exceptionally the donor pays the tax the liabilities would be higher.

Lifetime gifts and bequests are aggregated for the purposes of the taxes in the United Kingdom, the USA and France. In West Germany gifts and inheritances sources available to him, he will show the amounts payable in tax on life-time gifts and at death, and whether such gifts are aggregated in value for the purpose of the tax, on the following sums transferred, in sterling equivalent, in the United Kingdom, the USA, France, West Germany and Japan: £20,000, £30,000, £40,000, £50,000, £100,000, £200,000 and £500,000.

Mr. Robert Sheldon

From the sources readily available and on the assumptions described below I understand that the information requested is as follows:

received by one donee are aggregated with previous gifts received from the same donor within the preceding ten years. In Japan gifts received by an individual within a calendar year are aggregated for the purposes of gift tax; gifts received from the deceased within three years of death are aggregated with inheritances for the purposes of inheritance tax.