HC Deb 19 July 1909 vol 8 cc35-6

(1) On each occasion on which Increment Value Duty is collected on the increment value of any land, such an amount of duty shall be deemed to be due as the Commissioners determine, after giving credit for [having regard to] the amount of duty paid on previous occasions.

(2) Where Increment Value Duty is collected on the occasion of the transfer or passing on death of the fee simple in possession of any land, or on any periodical occasion in the case of land held in fee simple in possession by a body corporate or unincorporate, the whole amount of the duty which is determined shall be collected by the Commissioners in accordance with rules made, by them for the purpose.

(3) Where Increment Value Duty is collected on the occasion of the grant of a lease, or on the transfer or passing on death of any interest in land, or on any periodical occasion in the case of an interest in land held by a body corporate or unincorporate, such proportionate part [of the amount] of the duty [which is due] shall be collected as may be determined by the Commissioners to be payable in respect of the interest in land created, transferred, passing on death, or held, in accordance with rules made by them for the purpose.

(4) For the purpose of the collection of duty on the increment value of any land under this section, the increment value shall be deemed to be reduced on the first occasion on which Increment Value. Duty becomes due under this Act by am amount equal to ten per cent, of the original site value of the land, and on any subsequent occasion by an amount equal to ten per cent, of the site value on the last preceding occasion on which Increment Value Duty has become due, and the amount of duty to be collected shall be remitted, in whole or in part accordingly.

Any duty which by reason of this provision is remitted on occasion shall not be collected and shall be deemed to have been paid.

Provided that no remission shall be given tinder this provision on any occasion which will make the amount of the increased value on which duly has been remitted during the preceding period of five years exceed twenty-five per cent. of the site value of the land on the last occasion on which increment value became due prior to the commencement of that period or of the original site value if there has then been no such occasion.

(5) Increment Value Duty shall be a Stamp Duty collected and recovered in accordance with the provisions of this Act.