Mr. Robert AinsworthTo ask the Chancellor of the Exchequer if he will list for each year from 1984–85 to the most recent available year the cost of conditional exemption from inheritance tax of(a) chattels and (b) land, in each case indicating the number of estates granted exemption. [11938]
§ Mr. JackThe relief from capital taxes for qualifying chattels, land and buildings is not an outright exemption as the tax charge is effectively deferred until the qualifying assets are sold, or the appropriate undertakings cease to apply.
The number of cases granted relief and the estimated amount of relief given are:
(a) Chattels (b) Land and buildings Year Cases Amount of relief Cases Amount of relief (£ million) (£ million) 1984–85 58 40 12 5 1985–86 57 10 14 20 1986–87 40 20 12 5 1987–88 30 50 13 5 1988–89 56 50 5 negligible 1989–90 38 100 12 5 1990–91 32 160 15 15 1991–92 43 15 9 5 1992–93 63 40 9 negligible 1993–94 46 40 9 negligible 1994–95 59 55 18 negligible 1995–96 40 25 29 5 (Estimates for the amount of tax deferred are particularly tentative. Negligible means less than £3 million.)