§ 63. Mr. FITZROYasked whether, under the White Paper instructions issued by the Commissioners of Inland Revenue, claims for Increment Value Duty can be made on the sale of a house and land where the owner has made no profit or even incurred a loss on the transaction; and whether any such claims have actually been made?
§ Mr. LLOYD GEORGEA claim to duty may arise in circumstances such as those to which the hon. Member refers if the depreciation in the value of the buildings exceeds the diminution of price, or, in other words, if a rise in the site value has wholly or in part neutralised a loss on the buildings. Very few such cases have actually arisen.
§ 64. Mr. ROYDSasked whether, on the sale of a house and land at a price which, in the opinion of the Valuation Department, is more than the property is worth, it is the practice of the Department to claim Increment Value Duty on the difference between the sale price and the amount of the official valuation at the time, less the 10 per cent. statutory allowance, although the value of the site has been stationary?
§ Mr. LLOYD GEORGEI have nothing to add to the full statements made on this subject by my right hon. Friend the Financial Secretary to the Treasury.