§ 40. Mr. HANCOCKasked what Increment Duty would have to be paid in case a piece of land was bought for £500, was afterwards valued by the official valuer at £400, and later on sold for £600?
§ Mr. LLOYD GEORGEI must base my answer on the assumption that the land was at the date of both transactions bare, unimproved land, and also that the purchase for £500 was made by the same person who afterwards sold for £660. On that hypothesis, provided the owner took steps at the proper time to claim the substituted site value of £500 to which he was entitled 2065 under Section 2 (3) of the Finance (1909–10) Act, 1910, the duty payable in respect of the sale for £600 would be £10.