Estate Duty

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 23 January 1951.

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Photo of Mr Geoffrey Stevens Mr Geoffrey Stevens , Portsmouth Langstone 12:00, 23 January 1951

asked the Chancellor of the Exchequer if, in view of the hardship caused when a large block of shares is placed upon the market, he will cause Estate Duties to be levied upon the value of shares as at date of death or the price realised within 12 months of the date of death, whichever is the less.

Photo of Mr Hugh Gaitskell Mr Hugh Gaitskell , Leeds South

All property passing on a death falls to be valued for Estate Duty purposes as at the date of the death; I do not think that a one-sided option, such as the hon. Member suggests, could be justified.

Photo of Mr Geoffrey Stevens Mr Geoffrey Stevens , Portsmouth Langstone

Does the right hon. Gentleman not agree that the sudden coming into being of a large seller is bound to depress prices?

Photo of Mr Hugh Gaitskell Mr Hugh Gaitskell , Leeds South

I am aware that difficulties sometime arise in these cases, but I am also clear that the Inland Revenue take into account the difficulties in reaching a final assessment.

Mr. De la Bère:

On a point of order, Mr. Speaker. May I have a reply to Question 64, as I did not realise it had been called?

Photo of Mr Douglas Clifton Brown Mr Douglas Clifton Brown , Hexham

The hon. Member was either not here or did not rise in his place. I am afraid that we cannot go back.