§ MR. WALTER LONGI beg to ask Mr. Chancellor of the Exchequer upon what basis, and by what calculations, the Estate Duty Department of the Inland Revenue arrives at the market value of public - houses in calculating the duty payable upon the estates of deceased owners of public-houses.
§ MR. LLOYD-GEORGEThe market value of public-houses for the purpose of estate, duty is arrived at on the basis of current market prices, and the calculations adopted in each case are those regarded as suitable to the particular public-house to be valued.
§ MR. HIGHAM (Yorkshire, W.R., Sowerby)Is it not the fact that 95 per cent. of the public-houses are owned by brewery companies and therefore are not affected by this valuation?
§ MR. LLOYD-GEORGEThat is the case as regards houses owned by companies.
§ MR. COURTHOPEIs the right hon. Gentleman aware that in the last few weeks a case has occurred in which licensed property was valued for death duties not on the basis of fourteen years purchase, but at twenty-seven years, by the Board of Inland Revenue.
§ MR. LLOYD-GEORGEThere is a Question on that later on.