Clause 96 - Gifts of real property to charity

Part of Finance Bill – in a Public Bill Committee at 3:30 pm on 13th June 2002.

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Photo of Mr Howard Flight Mr Howard Flight Conservative, Arundel and South Downs 3:30 pm, 13th June 2002

I apologise for further interrupting the Economic Secretary before he leaves this territory. The point about tax benefits that relate to works of art is that they do not operate in favour of art galleries. Generous inheritance tax benefits exist for people who keep works of art in their homes, but the cri de coeur of art galleries, which I sought earlier to articulate, is to put works of art in the same category as property and quoted shares. That should stimulate a much bigger flow out of private control into art galleries to the greater benefit of the public at large.