§ Sir David Price
asked the Chancellor of the Exchequer if he will describe the statutory authorities governing the acceptance of historic houses and associated land and property in lieu of tax; and if he will make a statement on the effect of accepting such properties on the Votes of each Government Department involved.
§ Mr. Moore
The relevant provisions are paragraph 17 of schedule 4 to the Finance Act 1975, as amended by section 124 of the Finance Act 1976, and part II of the National Heritage Act 1980. The Secretary of State for the Environment and the Minister for the Arts reimburses the Commissioners of Inland Revenue for the revenue foregone when relevant property is accepted in lieu of tax; this cost is borne in equal shares on the acceptance in lieu of subheads of the Department of the Environment and the Office of Arts and Libraries Votes.