§ (1) Where land or any interest in land is held by any body corporate or by any body unincorporate, as defined by Section twelve of the Customs and Inland Revenue Act, 1885, the occasions on which Increment Value Duty is due shall be the fifth day of April in the year nineteen hundred and fourteen and in every subsequent fifteenth year.
§ (2) The account to be delivered under Section fifteen of the Customs and Inland Revenue Act, 1885, shall, in the case of the account to be delivered in the year nineteen hundred and fourteen and in every subsequent fifteenth year, contain an account of the increment value of the land, as on the preceding fifth day of April (calculated, in cases where an interest in the land only is held, in accordance with the value of the interest), and that Section shall, save as in this Act is hereafter provided, apply for the purpose of Increment Value Duty, whether the body corporate or unincorporate are chargeable with duty under Part II. of the Customs and Inland Revenue Act, 1885, or not.
§ (3) The provisions of Sections thirteen to eighteen, of Sub-section (1) of Section nineteen, and of Section twenty of the Customs and Inland Revenue Act, 1885 (with the exception of any provisions relating to appeals), shall have effect for the purpose of the assessment and recovery of Increment Value Duty as they have effect for the purpose of the duty charged under Section eleven of that Act:
§ Provided that Increment Value Duty may, if the body corporate or unincorporate chargeable therewith so desire, be paid by fifteen equal yearly instalments, 268 and the first instalment shall be due immediately after the assessment of the duty.
§ Any part of any duty so payable by instalments may be paid up at any time.
§ (4) Any Increment Value Duty assessed by the Commissioners on an account delivered in accordance with this Section shall, for the purpose of determining the amount of Increment Value Duty due on any occasion, be deemed to have been paid.
§ (5) Nothing in this Section shall affect the collection of Increment Value Duty on the occasion of the grant of any lease or the transfer on sale of any land or interest in land by a body corporate or unincorporate.
§ Drafting Amendments made.
§ Amendment made: At the end of the Clause to add the words, "or oblige an account to be delivered of the increment value of any land on any periodical occasion if under the subsequent provisions of this Part of this Act Increment Value Duty ill respect thereof is not to be collected on that occasion."
§ R SOLVED.—That the proceedings under the Bill be now adjourned until to-morrow.—[Mr. Lloyd-George.]