§ But whilst we propose to terminate the duty, we attach great importance to the existence of a State valuation of all the land and buildings of the United Kingdom based upon an up-to-date system of values, which would be available for the information of the Government and, within proper limits, of other public authorities, and which might be utilised in connection with any taxation proposals of the future or with a reform of rating. The present condition of highly fluctuating and unstable values shows that this is not the time for undertaking an immediate general valuation of the kind, and until conditions are more stable the Government feels that it would be premature to plan the precise form of the future valuations. But one thing is clear, that, in connection with any future valuation, it would be essential that the knowledge and information acquired by the Valuation Department of the Inland Revenue should be fully utilised. I therefore propose to continue that Department in its present form. In our view it is essential that there should be a thoroughly equipped and skilled State Valuation Department whose services would be available for the use of the Government.
Mr. CHAMBERLAINI will tell hon. Members why not—because we should lose a great deal more money than we should save. We are confirmed in the view of the necessity for the continuance of this Department by the great assistance which has been afforded by the Valuation Staff during the War in the requisitioning of land for War purposes, and by the proved worth of their service in connection with the acquisition of land for public purposes, such as housing and land settlement, as to which the Government has taken further large financial responsibilities. Apart from their revenue functions in connection with Death Duties, the Valuation Department will render such assistance to other Government Departments as occasion may require. For this purpose it is essential that the system under which 86 particulars of sales and leases of land are reported to the Inland Revenue should be continued in order that the Department may be in possession of the fullest information on which to base any fresh valuation that may have to be made.