Written question asked by Lord Campbell-Savours (Labour) on Monday, 30 March 1998, in the House of Commons. It was due for an answer on Wednesday, 8 April 1998. It was answered by Baroness Primarolo (Labour) on Wednesday, 8 April 1998 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, if he will list the Inland Revenue's arrangements for valuing (a) land, (b) property, (c) works of art and (d) chattels for capital transfer tax purposes.

Answer: Mr. Campbell-Savours: To ask the Chancellor of the Exchequer if he will list the Inland Revenue's arrangements for valuing (a) land, (b) property, (c) works of art and (d) chattels for capital transfer tax purposes. [37494] Dawn Primarolo: The value of an asset is not a relevant factor in deciding a claim for conditional exemption from inheritance tax (or its predecessor, capital transfer tax). When an asset ceases to be conditionally exempt, tax is charged on its market value at that time. For this purpose, the Valuation Office Agency advises on the value of land and buildings, and the Heritage Section of the Capital Taxes Office deals with valuation of works of art and other chattels.

Secondary information

Type: Written question
Reference: 310 c252W; 37494
Session: 1997-98
Subjects: Artworks Land Historic buildings Inheritance tax Objects in lieu of tax Tax allowances Valuation Taxation Capital transfer tax