§ 49. Sir W. Davisonasked the Chancellor of the Exchequer the reason why the Treasury are not prepared to take over property in payment of death duties at the value which they themselves have placed upon it?
§ Lieut.-Colonel ColvilleMy hon. Friend will appreciate that what the State requires for the purpose of meeting its annual cash expenditure is a cash receipt. I may add that a proposal of this kind was the subject of debate in this House on 8th June, 1932, upon an Amendment moved to the Finance Bill of that year, when it was negatived without a Division.
§ Sir W. DavisonIs it not the fact that, if the Treasury knew that they would have to accept properties at the valuation which they themselves put upon them, the valuations would be very much lower; and is it not hard on the individual to insist of his paying cash when the Treasury know that the property in question will not realise the cash which they demand?
§ Mr. JohnstonWould the Financial Secretary also consider whether he could take over land in payment of Death Duties at the value which the owners put on that land in the valuation roll?
§ Lieut.-Colonel ColvilleThe answer to both supplementary questions is that it is money that we want, in cash.
§ Sir W. DavisonIs it not cash that the individual has to find, also?