§ Mr. HINDLEasked the Chancellor of the Exchequer whether instructions will be given to the officials who have charge of the collection of the Increment Value Duties not to require the transferors of small freehold or leasehold properties to obtain and furnish at their own expense abstracts or certified copies of old deeds and plans relating to the title which are not in their own possession, merely because such deeds may contain particulars of old covenants relating to the land, where there is no probability that any Increment Duty will be payable by such transferors?
§ Mr. LLOYD GEORGEThe Commissioners of Inland Revenue have directed that, in cases where it is represented by the transferors that it is impossible to produce the earlier instrument containing the covenants relating to the land which is being transferred, it will be sufficient to accept either a statement setting forth such covenants, or, where the existence of the covenants has had no influence in fixing the consideration for the transaction under review, a statement to that effect.
§ Lord BALCARRES (for Mr. Pretyman)asked in how many cases, if any, the final increment value stamp denoting that Increment Value Duty has been settled has yet been fixed to any instrument presented to the Commissioners of Inland Revenue under the regulations made by them for that purpose?
§ Mr. LLOYD GEORGEIn no case has either of the stamps referred to in Section 4, Sub-section (3) (a) and (c) of the Finance (1909–10) Act, 1910, been given, pending the valuation of the land as provided for by the Act. But, with a view to the convenience of persons interested in the land transactions affected, the stamp mentioned in (b) of that Sub-section has been given in all cases where the requisite particulars have been furnished, and this stamp is equally effective to secure a good title, so far as Increment Value Duty is concerned. I understand that documents deposited with the Inland Revenue for stamping under this Sub-section are not retained in the great majority of cases for more than twenty-four hours.
§ Lord BALCARRESCannot the final stamping take place until the valuation is declared?
§ Mr. LLOYD GEORGEThe stamping under Sub-section (6) is quite sufficient for 32 the purposes of completing the title, and the purchaser has nothing whatever to do so far as the adjustment is concerned as between the vendor and the Inland Revenue.
§ Mr. ROYDSasked the Chancellor of the Exchequer whether the Commissioners of Inland Revenue will now assess Increment Value Duty on any sale or lease or will such assessment stand over until the property, the subject of the sale or lease, has been valued under the provisions of the Finance (1909–10) Act, 1910; if the assessment is not to await the valuation on what basis will the assessment be made; if it is to await the valuation when will the valuation be made; will property which has changed hands be valued first or will the assessment have to await the completion of the general valuation under Section 28 of the Finance (1909–10) Act, 1910; and, pending the assessment, will it be possible for the Commissioners to place any stamp on any deeds presented to them under the provisions of Section 4 of the Finance (1909–10) Act, 1910, other than the stamp (6) referred to in Sub-section (3) of Section 4 of the Act?
§ Mr. LLOYD GEORGEThe assessment of Increment Value Duty must of necessity be deferred until the original site value of the particular parcel of land has been ascertained in accordance with the provisions of the Finance (1909–10) Act, 1910; but in cases where an occasion of Increment Duty has arisen, arrangements have been made to effect the valuation immediately, so that no delay should occur. Pending the assessment of the duty, the only stamp which the Commissioners have power to give is that referred to in Section 4 (3) (b) of the Act.