§ 65. Sir J. D. REESasked the Chancellor of the Exchequer whether a builder who buys an estate for development by building, but cannot borrow the necessary capital and cannot, except at a heavy loss, sell the estate he bought, is liable to pay Undeveloped Land Duty; and, if so, whether the law will be amended so as to absolve a man from being taxed under such circumstances?
§ Mr. LLOYD GEORGESubject to the exemptions and allowances granted by law, Undeveloped Land Duty is chargeable in respect of the site value of undeveloped land and is payable by the owner for the time being. I do not consider that any amendment of the law is called for in the class of case indicated by the hon. Member.