Inheritance Tax: Greater London

Treasury written question – answered on 10th February 2010.

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Photo of Clive Efford Clive Efford Labour, Eltham

To ask the Chancellor of the Exchequer

(1) pursuant to the answer of 2 February 2010, Official Report, columns 215-6W, on inheritance tax: Eltham, how many estates paid inheritance tax in (a) Greenwich, (b) each other London borough and (c) the area most closely corresponding to the parliamentary constituency of Eltham in each of the last five years;

(2) how many estates would have been required to pay inheritance tax had the threshold been set at (a) £1 million and (b) £325,000 in (i) Greenwich, (ii) each other London borough and (c) the area most closely corresponding to the parliamentary constituency of Eltham in each of the last five years;

(3) how many estates in Eltham constituency for which the postcodes in respect of completed inheritance tax returns are available would have been required to pay inheritance tax had the threshold been set at (a) £325,000 and (b) £1 million in each of the last five years;

(4) how many estates in Eltham constituency for which the postcodes in respect of completed inheritance tax returns are available paid inheritance tax in each of the last five years.

Photo of Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury

HM Revenue and Customs estimates that in 2007-08 around 5,000 estates paid inheritance tax in the Government office region (GOR) of London. Information at a sub-regional level is available only at disproportionate cost.

Reliable information for other years is not available due to the large proportion of missing postcodes on inheritance tax returns.

Information on how many estimates would be required to pay inheritance tax if the threshold were £1 million is available at:

http://www.hm-treasury.gov.uk/d/foi_inheritance_costing.pdf

Information on the impact of this policy other than at a national level is not available.

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