asked the Chancellor of the Exchequer whether his attention has been called to a recent land transaction in, the city of Sheffield, where the corporation, desiring land upon which to erect tramway sheds, have leased from the Duke of Norfolk 6,315 yards of land on a 200 years' lease at an annual ground rent of 1s. 6d. per yard, or £363 per acre; and if this transaction will come within the scope of the land clauses of the Budget?
§ Mr. HOBHOUSE
My right hon. Friend has no knowledge of the transaction referred to, but I may point out that liability to Increment Value Duty upon the grant of a lease will only attach to leases granted in pursuance of any contract made after the commencement of the Act. The question of liability to Reversion Duty will depend upon the circumstances at the date of the determination of the lease.