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Works Of Art

Volume 972: debated on Tuesday 30 October 1979

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asked the Chancellor of the Exchequer whether the Treasury's policy on offers of works of art, either singly or in groups, in satisfaction of capital transfer tax conditional upon those works passing to particular eligible destinations is still as set out in the reply given to the hon. Member for Warley, East on 31 March 1977, Official Report, column 239.

Yes, the Treasury's approach to such offers is unaltered. Executors and testators are free to make an offer conditional on allocation to a specific institution. If the Treasury decides that the condition is not acceptable the offer may be withdrawn.

asked the Chancellor of the Exchequer whether it remains his policy to accept, in conformity with written answers to the hon. Member for Warley East, Official Report, 23 July 1973, column 283, and Official Report, 31 March 1977, columns 239–40, the national art collections fund as an appropriate and eligible institution or body to be specified in a will as a recipient by a testator who directs that works of art are to be offered in satisfaction of capital transfer tax conditionally on their passing in the first intance to the fund.

Yes. Testators are still free to name the national art collections fund as the ultimate recipient of an object which is to be offered in lieu of tax.