Captain FABERasked whether, after the valuation of an estate is completed and part of that estate is sold at a higher figure than the valuation, Death Duties will be assessed on the whole estate at the higher figure; and, if so, whether, to meet this, a fresh valuation would have to be made by the owner?
§ Mr. LLOYD GEORGEThe answer to the hon. and gallant Member's question depends upon the particular circumstances of each case.
§ Mr. LLOYD GEORGEI could not make a definite statement on the principles of valuation. That question has surely to be decided by the courts of law.
§ Mr. LLOYD GEORGEI really do not see that there is much point in that question. Of course the principles of valuation are settled by the courts, and he has only got to value for Estate Duty exactly as if selling the property to a railway company.
Captain FABERThen it will not make any difference whether a man's estate has seen sold at a higher price after being valued at a lower?
§ Mr. LLOYD GEORGEI have already given an answer to that question, which is the question on the Paper.