Captain FABERasked from what date the tax on undeveloped land would be due, seeing that the valuation of it was not yet completed; and at what approximate date it was likely to be completed?
§ Mr. MACMASTERasked whether, when the provisional valuation of land liable to pay Undeveloped Land Duty had not been made or finally settled till a prolonged period of time had elapsed since the commencement of the Finance (1909–10) Act 1910, the payment of such Land Duty would be demanded by the Treasury for the financial year ending 30th April, 1910, and every subsequent financial year, or only from the date when such provisional valuation was made or finally settled?
§ Mr. LLOYD GEORGEUndeveloped Land Duty will be collected for the financial year ended 31st March, 1910, and for each subsequent year, subject to the limitation provided by the concluding words of Section 19 of the Finance (1909–10) Act, 1910. I anticipate that the valuations will be completed in sufficient time to prevent any serious loss of duty arising from this limitation.
§ Mr. W. PEELWill all the arrears of duty be collected, however late the date on which the valuation is completed?
§ Mr. LLOYD GEORGEThere is a limitation in the Finance Act.