§ Mr. MartlewTo ask the Chancellor of the Exchequer what has been the cost to the Exchequer of the tax relief scheme whereby inheritors of works of art are given exemption from inheritance tax and capital transfer tax provided that public access is given.
§ Mr. DorrellThe annual cost of conditional exemption from inheritance tax and capital transfer tax of works of art is estimated to have averaged about £70 million over the period 1983–84 to 1991–92. There are sometimes significant fluctuations in the estimated cost from year to year.