MARQUESS of TULLIBARDINEasked under what Section, and in what line of such Section in the Finance Act, is it provided that assessment for site value can be made on a minus valuation; and in what manner is it proposed to allow 10 per cent. upon a minus quantity?
§ Mr. HOBHOUSEThe provision for deducting the capitalised value of fixed charges is contained in Section 25, Subsections 4 (a) and 3 of the Finance (1909–10) Act. The Act does not expressly provide that the site value shall necessarily be either a positive or a negative quantity. The question of the 10 per cent. allowance where the original site value is a minus quantity is a legal one which has not arisen in practice.
MARQUESS of TULLIBARDINEIs not site value described in Section 25 as total value less certain deductions? If so, how can there be site value when there is no total value, or how can something be part of nothing?
§ Mr. HOBHOUSEI have answered the question on the Paper.
§ Mr. HOBHOUSEI have already replied to that.