Is the hon. Gentleman proposing to take any action to close this major loophole in death duty avoidance? Further, is he aware that it has contributed to the high price of farmland, which has been one of the means of preventing young people who want to become farmers owning their own farms?
I obviously cannot anticipate my right hon. Friend's Budget Statement but I rather feel that the hon. Member is exaggerating this. Out of a total estate duty yield last year of £365 million some £10·7 million was attributable to the relief of farmland.
Will my hon. Friend bear in mind that high taxation on land means fragmentation of holdings, which is a most serious thing in agriculture? Will he take no notice of hon. Members opposite?