§ Mr. CASSELasked the Chancellor of the Exchequer in how many cases the valuations of land made by valuers under The Finance (1909–10) Act, 1910, had resulted in minus quantities, and what was the largest minus quantity yet arrived at?
§ The CHANCELLOR of the EXCHEQUER (Mr. Lloyd George)In certain cases (chiefly in South Lancashire and 2 Scotland) land has been conveyed subject to a fee farm rent or fee duty, the capitalised value of which exceeds the value of the land as on the 30th April, 1909. Since, for the purpose of arriving at assessable site value this charge has to be deducted, the assessable site value in such cases works out at a minus value. The total number of assessments up to the 30th September last in which this result occurred was 36,610; the largest minus quantity arrived at was £7,320.
§ Mr. CASSELMay I ask whether the result to the Exchequer of this taxation so far has not been a minus quantity?
§ Mr. LLOYD GEORGENo, certainly not. If the hon. Member will look at the return he will see that it is coming in. I have stated from the first, from the time the Budget was introduced, that it would take five years to value the land, and you cannot collect the whole of it until the assessment is complete.
§ Sir FORTESCUE FLANNERYDoes the right hon. Gentleman still think that the valuation will be completed in five years?
§ Mr. LLOYD GEORGECertainly. I am informed that the valuation is making excellent progress.
§ Sir CLEMENT KINLOCH-COOKEHave the returns for the first year come up to the right hon. Gentleman's expectations?
§ Mr. LLOYD GEORGEThe first year of the valuation is not yet completed.