§ 74. Colonel APPLINasked the Chancellor of the Exchequer whether, in view of the increase of the Death Duties and of the fact that these are largely levied on agricultural estates, he will consider the abolition of district valuers in favour of an estimated value based on the preceding 10 years' income, and thus arrive at a juster valuation while saving expense?
Mr. GUINNESSThe Estate Duty charge is based in effect on market value of property which passes on death; the suggested large departure from the principle is not one which the Government would feel able to accept
§ Lieut.-Colonel JAMESIs the hon. and gallant Gentleman aware that these values are subject to extreme fluctuation, and if a case occurs where an estate is sold and then sold again at a higher value, is he aware that they charge the higher value rather than the lower, and does he know that this practice will probably ruin and break up further agricultural estates?
Mr. GUINNESSIt is not only in the case of land that valuation taken on Death Duties is subject to fluctuation, and it would be difficult to justify special treatment