§ 38. Sir Frank Sandersonasked the Chancellor of the Exchequer whether he will consider the re-assessment of all shop properties in evacuation areas to cover the war period and one year after, upon the existing basis of valuation?
§ Sir K. WoodI assume that my hon. Friend is referring to reassessment for purposes of Income Tax Schedule A. Present conditions are quite unsuitable for a general revaluation, and a revaluation confined to particular classes of properties in particular areas could not be justified. I may, however, remind my hon. Friend that in the case of business property owned by a trader the net Schedule A Assessment on the property is deducted in arriving at the profits for assessment to Income Tax Schedule D and any reduction in a Schedule A assessment is therefore reflected in a corresponding increase in the Schedule D assessment so that a revaluation would not necessarily be to the advantage of traders.
§ Sir John MellorIs not the existing valuation in many cases out of all proportion to present circumstances?
§ Sir K. WoodI have said that it would be quite unsuitable to have a general revaluation at this moment.