§ Mr. Fauldsasked the Chancellor of the Exchequer whether he will make a statement on his policy in connection with the in lieu surrender provision for works of art in tax payments.
§ Mr. Biffen,pursuant to the reply [Official Report, 14 June 1979], gave the following information:
350WThe statutory provisions under which buildings, land and works of art may be accepted in lieu of estate duty or capital transfer tax remain in effect. We shall be considering in due course the future of the National Land Fund in the light of the recommendations made in the Third Report from the Expenditure Committee (Environment Sub-Committee) of Session 1977–78, and one matter we shall need to take into account is how the "in lieu" machinery might fit with any new arrangements.