HC Deb 31 March 1977 vol 929 c239W
Mr. Faulds

asked the Chancellor of the Exchequer whether directions by testators for offers of work of art, either singly or in groups, in satisfaction of capital transfer tax conditional on those works passing to particular eligible destinations are in no way to be considered precluded by the omission of any reference to such conditional offers after paragraph 46 and before paragraph 47 in the newly-issued Treasury Memorandum entitled "Capital Taxation and the National Heritage"; and whether the current regulations continue to provide, as in paragraph 15 of the Treasury Memorandum of October 1973 entitled "Private Owners and Public Collections", for an option whereby an offer from executors can be withdrawn in the event of the Treasury deciding that it is unable to accept a testator's conditions as to destination.

Mr. Joel Barnett

Yes, the Treasury's approach to such offers is unaltered. Executors and testators are free to make an offer conditional on allocation to a specific institution. If the Treasury decides that the condition is not acceptable the offer may be withdrawn.