Mr. KINGasked whether the Chancellor of the Exchequer's attention has been called to the case of the two advowsons of St. Mary, Prestwich, and St. Mary, Radcliffe, which eleven years ago were returned as of no value for Death Duties, and are now being sold for £14,000; whether he will consider the propriety of taxing the unearned increment in the value of advowsons; and whether he will propose taxation on these lines in his next Budget?
§ The CHANCELLOR of the EXCHEQUER (Mr. Lloyd George)As regards the first part of the question, the hon. Member is apparently under a misapprehension. Advowsons are not chargeable with Death Duties unless and until sold, whatever their value may be. Any claims for duty which may have arisen by reason of the present sales will be duly followed. In reply to the second and third parts, I am not prepared to give any undertaking as to future Budget proposals.
Mr. KINGasked whether the Chancellor of the Exchequer will consider the advis- 1115 ability at the earliest opportunity of raising the Stamp Duties payable on the transfer by sale of advowsons to such a level as to penalise those engaging in this traffic?
§ Mr. LLOYD GEORGEI am not prepared to accept my hon. Friend's suggestion.
Mr. KINGIs the right hon. Gentleman ready to accept the suggestion as to the available means of raising taxation such as we offer?
§ Mr. LLOYD GEORGENot until the Chancellor of the Exchequer stands in need of money. At the present moment he is not, fortunately.