To ask the Chancellor of the Exchequer what is his estimate of the revenue that would be lost if principal private residences were excluded from asset valuation for the purposes of inheritance tax liability. [36440]

The full-year cost in 1996–97 of excluding principal private residences from asset valuation for the purposes of inheritance tax liability, is estimated at around £300 million. This estimate takes no account of any consequential behavioural changes.

To ask the Chancellor of the Exchequer what assessment he has made of the effect on house prices of exempting principal private residences from inheritance tax liability. [36441]

It would be inappropriate to comment on tax matters at this stage in the Budget cycle.