§ Mr. YOUNGERasked what was the average number of years' purchase at 1731 which agricultural land was assessed for Estate Duty in 1907–8; and at what number of years' purchase the value is computed at the present time?
§ Mr. HOBHOUSEThe average number of years' purchase at which agricultural land was assessed for Estate Duty in 1907–8 was as follows: Freehold, 18.75 years' purchase on gross annual value; 22.67 years' purchase on net annual value. Other tenures, 17.30 years' purchase on gross annual value, 23.06 years' purchase on net annual value. Statistics are not available with reference to agricultural property passing on deaths on or after 30th April, 1909.
§ Mr. YOUNGERIs that the average over Great Britain and Ireland?
§ Mr. HOBHOUSEYes, I think so.
§ Mr. YOUNGERIs the right hon. Gentleman aware that in Scotland at present the Inland Revenue authorities are insisting upon valuing at 25 years' purchase estates which are valued, by most competent people, at very much less than that, and which are certainly not worth that in the market?
§ Mr. HOBHOUSEValuation very much depends on whether the valuer is employed by the buyer or the seller; the same person often gives different valuations.
§ Mr. KILBRIDEIs the right hon. Gentleman aware that the number of years' purchase of which this complaint is made is considerably less than the number of years' purchase charged to Irish tenant farmers by Irish landlords?
§ Mr. HOBHOUSEI believe that that is so in many cases.