§ 30. Mr. NEWMANasked the Chancellor of the Exchequer, if he will state the methods adopted by the Commissioners of Inland Revenue to ascertain the value of land for agricultural purposes under Section 26 (1) of the Finance (1909–10) Act, 1910; and, in particular, whether they take into consideration in arriving at such value charges and outgoings, whether fixed or temporary, and also rates and taxes?
§ Mr. LLOYD GEORGEThe value of land for agricultural purposes under Section 26 (1) of the Finance (1909–10) Act, 1910, is the market value of the fee simple of the land for such purposes, 1674 including any value attributable to the use for agriculture of buildings and other structures. Rates and taxes, and other outgoings, in respect of the property as well as fixed charges, are taken into consideration in arriving at such value. Temporary charges such as mortgages are nor taken into consideration.
§ Mr. NEWMANMay I ask the right hon. Gentleman does the method adopted include personal inspection in every case?
§ Mr. LLOYD GEORGEI hardly like to answer that without notice, but I hardly think so.
§ 35. Mr. JAMES HOPEasked the Chancellor of the Exchequer whether, in view of the fact that a revaluation of the agricultural and other undeveloped land of the country has to be made in the year 1914 and a valuation made on the occasion of each transfer of land or of any interest in land on death, sale, or lease over fourteen years, the cost of the Valuation Department, after the completion of the original valuation provided for by the Finance (1909–10) Act, 1910, will be materially reduced from its present annual cost of £680,000; and, if so, by what amount?
§ Mr. LLOYD GEORGEThe cost of the Land Valuation Office will be very materially reduced after the completion of the original valuation, though it is not possible at present to specify the amount of the reduction.
§ Mr. JAMES HOPECan the right hon. Gentleman say approximately?
§ Mr. LLOYD GEORGEI could not possibly at this stage.
§ Mr. LLOYD GEORGEI have already given that information to the House, but I cannot recall it just at the moment.