21. Mr. FRED HALL (Dulwich)asked the Secretary to the Treasury, if he will state what principles have been laid down for the guidance of valuers in assessing site values in the case of house property; what use is being, or is proposed to be, made of the value so fixed; and what are the grounds on which the value of property standing on land is ignored, while the site value is swollen by including the estimated; value of the buildings thereon?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Masterman)The principles laid down for the guidance of valuers in ascertaining the site value of both covered and uncovered land are those contained in Section 25 of the Finance (1909–10) Act, 1910. The original site value so ascertained forms the basis of assessment for Increment Value Duty and Undeveloped Land Duty.