HC Deb 21 February 1911 vol 21 cc1731-2
Mr. FELL

asked the Financial Secretary to the Treasury how many of the 100,000 deeds of transfer which have been presented for the assessment of Increment Duty at Somerset House have actually had the duty assessed, and been finally stamped and disposed of?

Mr. HOBHOUSE

The assessment of the Increment Value Duty being dependent on the completion of the necessary valuations, which are now being actively proceeded with, duty has only just begun to be assessed on such deeds. As indicated, however, in my reply to the hon. Member's previous question on the 15th instant, the great majority of these deeds have been finally stamped for transfer purposes, irrespective of any subsequent assessment of duty.

Mr. FELL

Is there not an accumulation of arrears of these deeds; is it not a fact that that accumulation is steadily increasing; and is there any prospect of there being anything done to wipe off the arrears?

Mr. HOBHOUSE

I do not quite understand the hon. Gentleman. The facts are as I have said.

Mr. FELL

Are many of these deeds only temporarily, and not finally passed?

Mr. HOBHOUSE

I have already told the hon. Gentleman that the answer to his question is that for transfer purposes the deeds are finally stamped.

Viscount HELMSLEY

Are we not, as a matter of fact, to understand, that the stamp put on these deeds only denotes that particulars have been recorded for valuation, and that Increment Duty may have to be paid on some of these transfers themselves; in that case they are not finally disposed of?

Mr. HOBHOUSE

What I have stated is that for transfer purposes the greater part of these deeds are finally stamped; though in a considerable number of cases they may come up again for further assessment.