§ Mr. NEWMANasked whether in the valuation of the land of Ireland under Section (26) of The Finance (1909–10) Act, 1910, in the case of occupiers who have purchased 15 their holdings under any Land Purchase Act, the total value will be based on the actual cash consideration given for such holding; whether the total value so ascertained will be assumed to be the market value for agricultural purposes only; and whether, in the event of the owner disposing of his holding at a figure in advance of the original purchase price, he will be liable for Increment Duty on the ground that the market value of the land for agricultural purposes only has been exceeded?
§ Mr. HOBHOUSEThe price paid by an occupier for his holding would be an clement to be considered in estimating the total value of the holding; but the price paid and the total value would not necessarily be identical. The total value would generally, but not necessarily, be the market value for agricultural purposes only. If when the owner of an agricultural holding sells it, it can be shown that the assessable site value at the time of the sale exceeds the sum at which the value was fixed when the original valuation was made, and further, that the land has a higher value than its market value at the time for agricultural purposes only, then and only then would the owner be liable for Increment Duty. This duty is payable on assessable site value and not on total value.