§ Mr. Malcolm BruceTo ask the Chancellor of the Exchequer what is his estimate of the cost of in 1997–98 of abolishing inheritance tax; if he will estimate the number 71W of individuals who would be better off in 1997–98 as a consequence of such a policy; and if he will estimate the average annual monetary gain to each individual. [3246]
§ Mr. Jack[holding answer 11 November I996]It is provisionally estimated that, in 1997–98, about 19,000 transfers made on death and in lifetime will have an aggregate inheritance tax liability of £1.6 billion, and an average tax liability of around £85,000. Information on the likely number of beneficiaries is not available.