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Estate Duty

Volume 951: debated on Friday 9 June 1978

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asked the Chancellor of the Exchequer if he will publish tables to show the effective rates of tax for estates of various sizes (a) in March 1974 and (b) March 1978, assuming that values have risen in line with the retail prices index, where half of the estate passes to the surviving spouse of the deceased and for similar estates where

TABLE 1
Effective rates applying where half the property passes to a surviving spouse
Value of estates in March 1974Effective rate of tax in March 1974Assumed value of estate in March 1978Effective rate of tax in March 1978
£per cent.£per cent.
15,00028,000
20,00037,400
30,00056,1000·5
40,0006·974,8002·3
50,00012·093,5004·2
60,00016·3112,2005·9
80,00023·4149,6008·8
100,00029·0186,90011·1
150,00038·8280,50015·6
200,00045·0374,00019·0
500,00059·9934,50025·6
1000,00067·41,869,50028·9
2,000 00071·23,739,00031·9
TABLE 2
Effective rates applying where halt the property passes to a surviving spouse and the other half, consisting of business property, passes to a son
Value of estates in March 1974Effective rate of tax in March 1974*Assumed value of estate in March 1978Effective rate of tax in March 1978
£per cent.£per cent.
15,00028 000
20,00037,400
30,00056,100
40,0005·274,800
50,0009·493,500
60,00013·0112,2000·27
80,00019·1149,6001·1
100,00023·9186,9002·1
150,00032·4280,5004·0
200,00037·7374,0005·6
500,00050·6934,50010·6
1,000,00057·11,869,50012·8
2,000,00060·43,739,00014·5
* It has been assumed that two-thirds of the business property would have qualified for the estate duty business relief.