HC Deb 07 March 1980 vol 980 cc353-4W
Mr. Grist

asked the Chancellor of the Exchequer whether any further objects have been accepted in lieu of estate duty or capital transfer tax.

Mr. Peter Rees

Yes. A pair of portraits by Daniel Mytens of Thomas Howard, second Earl of Arundel, and of Alathea, wife of the second Earl of Arundel, a portrait by William Stretes—or Scrots—of the Earl of Surrey, a portrait by Thomas Gainsborough of Charles Howard, 11th Duke of Norfolk, in Van Dyck costume and a portrait by Sir John Everett Millias of Cardinal New-

Weekly value of the personal allowance for those earning:
½ average earnings £ ⅔ average earnings £ average earnings £ 2X average £ 5X average £ 10X average £
Single 6.72 6.72 6.72 8.96 13.44 13.44
Married 10.47 10.47 10.47 13.34 20.94 20.94
Married (both working) 17.06 17.19 17.19 15.68 24.64 26.88

The figures are based on average earnings in October 1979.

For the married couple—both working—it has been assumed that they each earn the appropriate percentage of male or female earnings, and that when their income is 2, 5 or 10 times average they would opt for separate taxation, which would be beneficial.

Weekly value of personal allowances at a marginal tax rate of
25 per cent. £ 30 per cent. £ 40 per cent. £ 45 per cent. £ 50 per cent. £ 55 per cent. £ 60 per cent. £
Single person or earning wife … 3.61 6.72 8.96 10.08 11.20 12.32 13.44
Married man … … 3.61 10.47 13.96 15.71 17.45 19.20 20.94

For a couple where the wife is working, the value of the joint allowance is either the sum of the allowance for a married man and an earning wife, or, where the joint income is high enough for it to be beneficial to make an election for the separate taxation of the

man have been accepted in lieu of estate duty.

The five portraits have been allocated to the National Portrait Gallery, which has made arrangements for them to remain at Arundel Castle, Sussex, on permanent loan to the charitable trust which now owns Arundel Castle, for display to the public.

The total cost borne by the National Loan Fund after allowing relief from capital transfer tax is £140,286.