§ MR. GEORGE FABER (York)I beg to ask Mr. Chancellor of the Exchequer whether, in the case of licensed properties which have been valued for purposes of death duties by the Commissioners of Inland Revenue at a greater number of years' purchase than that provided by the Licensing Bill, 1908, the excess in the amount of the duties so demanded and paid will, in the event of the Bill becoming law, be repaid by the Commissioners; and on what basis of value will licensed properties be assessed by the Commissioners for death duties during the period of time before the Bill becomes law.
§ MR. ASQUITHThe functions of the Commissioners of Inland Revenue in assessing properties to estate duty is not primarily the making of valuations, but the checking of valuations submitted by the accountable person. Valuations so arrived at in the past in accordance with the provisions of the Finance Act of 1894 cannot be affected by subsequent legislation, and consequently there is no ground on which—even on the hypothesis of the hon. Member—such repayment as that suggested could be made. The introduction of the Licensing Bill does not alter the basis of valuation, which remains, and will remain, if the 1306 Bill becomes law, the market value at the date of death, the accountable person having a right of appeal, in the event of disagreement, to the courts.
§ * MR. GEORGE FABERWill the state of affairs be this, that on the one' hand the duty will have been assessed on the full monopoly value of the license, and on the other hand the Treasury intend to confiscate the monopoly value?
§ [The Answer, if any, was inaudible.]