§ Mr. Mike O'BrienTo ask the Chancellor of the Exchequer what has been the cost of the conditional exempt works of art inheritance tax rules to the Inland Revenue at constant values in(a) 1980, (b) 1985, (c) 1990 and (d) 1995. [31209]
§ Mr. JackThe estimated cost to the Exchequer of granting conditional exemption from inheritance tax and capital transfer tax to works of art and chattels is:
Year £ million at 1994–95 prices1 1984–85 64 million 1989–90 123 million 1994–95 55 million 1 Converted using the GDP market deflator. A comparable figure for 1979–80 is not available. The exemption is conditional, not absolute. Its broad effect is to defer payment of tax on the qualifying items for so long as the conditions of the exemption are met.