§ 43. Mr. ELLIS DAVIESasked the Chancellor of the Exchequer whether the increase, equal to three years' purchase, in the value of agricultural land for Estate Duty purposes between 1908 and 1913 disclosed in the Report of the Commissioners of Inland Revenue, 1914, is attributable to a corresponding increase in the market price of land or to greater accuracy in the valuations made for the Department?
§ Mr. McKENNAThe increase in question is attributable partly to greater thoroughness in valuation, but chiefly to the removal by Section 60 of the Finance (1909–10) Act, 1910, of the artificial maximum placed upon the value of agricultural property for Estate Duty purposes by Section 7 (5) of the Finance Act, 1894.
§ Mr. DAVIESAre we to understand that in 1908 agricultural land was under-valued for the purpose of the Estate Duty?
§ Mr. McKENNAThat implies it was under-valued in accordance with the law. It was correctly valued in accordance with the law.