§ Mr. Mike O'BrienTo ask the Chancellor of the Exchequer (1) what was, in constant 1995 figures, the value of tax receipts from lifetime transfers in each year 1974 in respect of(a) capital transfer tax and (b) inheritance tax. [11124]
(2) what was, in constant 1995 figures, the value of tax receipts on death in each year since 1970 of (a) estate duty, (b) capital transfer tax and (c) inheritance tax, indicating when each type of tax replaced another. [11123]
§ Mr. JackThe available information is as follows:
421W
£million at 1994–95 prices1 Net receipts from transfers chargeable at death year Net receipts from lifetime transfers chargeable when made Estate Duty Capital transfer tax/inheritance tax 1970–71 — 2,775 — 1971–72 — 3,214 — 1972–73 — 3,023 — 1973–74 — 2,536 — 1974–75 — 1,746 — 1975–76 5 870 480 1976–77 77 449 861 1977–78 74 277 917 1978–79 94 132 830 1979–80 77 79 908 1980–81 66 56 815 1981–82 57 32 851 1982–83 68 21 814 1983–84 53 15 958 1984–85 95 10 962 1985–86 81 9 1,260 1986–87 87 10 1,373 1987–88 64 — 1,450 1988–89 53 — 1,356 1989–90 44 — 1,472 1990–91 44 — 1,418 1991–92 48 — 1,369 1992–93 46 — 1,224 1993–94 29 — 1,328 1994–95 24 — 1,387 1Converted using the GDP market price deflator. For deaths on or after 13 March 1975, capital transfer tax—CTT—replaced estate duty and applied to transfers made after 26 March 1974. CTT was replaced by inheritance tax—IHT—for transfers on or after 18 March 1986. The figures for estate duty exclude receipts in Northern Ireland before 1973–74. Small residual amounts of estate duty receipts from 1987–88 are included with receipts from inheritance tax and capital transfer tax, separate estimates of which are not available.