§ Mr. RedmondTo ask the Chancellor of the Exchequer what sanction exists in respect of inheritance tax waived in respect of works of art to be made available to the public when the works are not so made available.
§ Mr. DorrellThe owner of works of art which are conditionally exempt from inheritance tax must undertake308W to preserve them, keep them in the United Kingdom and provide reasonable public access. If an owner breaks an undertaking and the issue cannot be resolved in discussion between the Inland Revenue and the owner, inheritance tax is charged on the current value of the works of art. This provides a powerful incentive for the owner to honour the terms of the undertakings.
§ Mr. Nicholas BrownTo ask the Chancellor of the Exchequer what was the total inheritance tax yield, in Great Britain and Northern Ireland, in the latest year for which information is available.
§ Mr. DorrellThe latest year for which information is available is 1992–93. Inheritance tax net receipts in this year were £1,211 million for the United Kingdom, of which £86 million was collected in Northern Ireland. Much of the tax collected in Northern Ireland related to deaths in England and Wales.