§ MR. LANE-FOX (Yorkshire, W.R., Barkston Ash)I beg to ask Mr. Chancellor of the Exchequer whether his attention has been drawn to a statement by Mr. Vaughan Gower, of Tunbridge Wells, that when in his capacity of solicitor he recently proposed in his statement of account of estate duty that licensed property should pay duty on a value of fourteen years purchase, the Government refused to accept that proposal, but for the purpose of death duty placed the value at twenty-seven years' purchase; and whether the Government values licensed property at fourteen years purchase for the purposes of extinction, but at twenty-seven years purchase for purposes of revenue.
§ MR. LLOYD-GEORGEI am unable to identify the particular case to which the hon. Member refers, in the absence of more specific information. I may, however, say generally that the value for estate duty of licensed property is the price which it would fetch if sold in the open market.