HC Deb 04 February 1941 vol 368 c796
38. Sir Frank Sanderson

asked 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. Wood

I 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 Mellor

Is not the existing valuation in many cases out of all proportion to present circumstances?

Sir K. Wood

I have said that it would be quite unsuitable to have a general revaluation at this moment.