HC Deb 30 October 1912 vol 43 cc434-5
51. Mr. ROYDS

asked the Chancellor of the Exchequer whether, in view of his opinion that, under Section 25 (4) (b) of the Finance (1909–10) Act, 1910, Government valuers in arriving at the site value of agricultural land are precluded from making allowance for improvements which only enhance the value of the land for agricultural purposes, he will introduce legislation at an early date to deal with this state of affairs?

Mr. LLOYD GEORGE

It is not my intention to introduce legislation to enable Government valuers to make in the original valuation the allowance referred to by the hon. Member, as the present effect of such allowance would be prejudicially to affect the taxpayer in the matter of Increment Value Duty and to duplicate a deduction already made in calculating Undeveloped Land Duty.

Mr. ROYDS

Is any Increment Duty payable on this land when it becomes building land?

Mr. LLOYD GEORGE

When it becomes building land, of course it is.

Mr. ROYDS

When it becomes building land, will the owner be entitled to make the deductions then?

Mr. LLOYD GEORGE

We had a lengthy discussion on this subject in the House; the hon. Gentleman spoke for about an hour, and my right hon. Friend replied to him.

Mr. ROYDS

I have never yet received a reply.

52. Mr. ROYDS

asked the Chancellor of the Exchequer whether in view of the returns from the two duties, Increment Value Duty and Undeveloped Land Duty, for the purposes of which a scheme of land valuation was set up by the Finance (1909–10) Act, 1910, and in view of the cost to the State and owners of land of such valuation, he will introduce legislation providing for the discontinuance of this system of valuation?

Mr. LLOYD GEORGE

The answer is in the negative.