§ Mr. Matthew TaylorTo ask the Chancellor of the Exchequer what estimate he has made of the revenue yield of(a) reducing the value below which inheritance tax is not levied by (i) £10,000 and (ii) £20,000 and (b) restricting the value of the personal allowance to (1) the basic rate and (2) 10 per cent. [146250]
§ Dawn PrimaroloThe revenue yield from reducing the value above which inheritance tax would otherwise be levied can be estimated, for increases or decreases of this order of magnitude, from Table 5 of the Tax Ready Reckoner. The Tax Ready Reckoner, November 2000, is in the House of Commons Library.
There is no personal allowance for inheritance tax but the cost of the threshold, below which no tax is paid, is given in Table 7 of the Tax Ready Reckoner.