§ Lord EDMUND TALBOT (for Viscount Castlereagh)asked the Chancellor of the Exchequer whether his attention has been called to the practice of the Government valuers for Estate Duty in declining to regard rents actually paid for agricultural land as representing rental value for Estate Duty and charging such duty on the basis of a higher rental value; and whether, having regard to the unrest and irritation likely to arise in agricultural districts by such official practice, he will give instructions that valuations upon the basis of fictitious rents are to be discontinued?
§ Mr. HOBHOUSEIn the valuation of land for Estate Duty purposes it is the practice to have regard to the rent paid for agricultural land in all cases where the land has no higher value. As, however, the principal value of the land has to be ascertained, it is evident that in the case of agricultural land which has a higher value as building land, the rental value for agricultural purposes only cannot be adopted as the basis of valuation.