§ Mr. REESasked the Chancellor of the Exchequer whether he is aware that coal deposits are, for various reasons, often unworkable at a profit, perhaps for several generations; and whether in such cases the undeveloped ½d. tax will be levied upon such deposits?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hobhouse)In the circumstances indicated by my hon. Friend the minerals would presumably have no market value, in which case no liability to Mineral Rights Duty would attach.
§ Mr. REESI understood the Secretary to the Treasury to say that there is no tax where there is no profit.
§ Mr. HOBHOUSEUnless it has a market value it is not taxable.
§ Mr. HOBHOUSEYes, I believe so.
§ Mr. HOBHOUSEIf he gives me notice I will.