§ Mr. REESasked the Chancellor of the Exchequer whether he is aware that inconvenience and delay are caused by the necessity which exists under the present rules for the valuation of all estates, however trifling in value, for Estate Duty by the Valuation Department at Somerset House; and whether he will consider the propriety of accepting local valuations for small properties?
§ The CHANCELLOR of the EXCHEQUER (Mr. Lloyd-George)I am not aware that the system of valuation for Death Duties, indicated in my reply of the 10th inst. to a question by my hon. Friend, is open to the objections to which he refers, and I see no reason for making any alteration in it; but when a system of national valuation has been set up after the Finance Bill of last year has been passed into law, it will, I hope, be possible to utilise the results of that valuation for Estate Duty purposes.
§ Mr. REESMay I ask the right hon. Gentleman whether meanwhile he could do something to gratify the natural desire of local men to do a little bit of business, to which they are quite equal?
§ Mr. LLOYD-GEORGEI quite agree with my hon. Friend that they are quite equal to anything, and their needs are, no doubt, most reasonable; but I think it would be a mistake to set up a mere temporary arrangement when it will be possible in a very short time to set up a permanent arrangement.
§ Mr. CAVEMay I ask whether this special Valuation Department has any connection with the Finance Bill of last year?
§ Mr. LLOYD-GEORGEOh, no. The special Valuation Department of the Death Duties Office has nothing whatever to do with the Finance Bill, except that from the experience I have had I know that we are losing a lot of money owing to very defective and inadequate valuations which are accepted.