HC Deb 25 November 1941 vol 376 cc598-9
48 Mr. Stokes

asked the Chancellor of the Exchequer (1) whether his attention has been called to the sale of Pipps Farm, Norwich Road, Ipswich, the net rental of which, fixed on 11th October, 1939, was £26 8s. 1d., for the sum of £3,600; and whether the difference between this sum and 20 years' purchase, approximately £3,070, will be subjected to Excess Profits Tax;

(2)whether his attention has been called to the sale of Baylam Hall Farm near Ipswich, which was let on nth October,1919,atanet rental of £126 13s. 5d., for the sum of £10,000; and whether the difference between this sum and20years' purchase, approximately £7,500,will betaken as Excess Profits Tax;

(3) whether his attention has been called to the sale of 124 acres of agricultural land in the Somerset parishes of Locking, Hutton, Banwell, Yatton and Kingston Seymour for the sum of £13,630, which equals an average price of £110 an acre; and whether, in view of the fact that this land being agricultural, has for many years been derated, he will take steps to collect the bulk of the sum of £13,630 as excess profits?

Sir K. Wood

My hon. Friend will appreciate that I cannot furnish any information regarding the tax liability of particular taxpayers. I would, however, refer him to the reply which I gave on 30th September to his previous Question on this subject.

Mr. Stokes

Arising out of the reply, which is completely unsatisfactory, may I ask the Chancellor whether he will explain why investments of this nature, yielding something less than three-quarters of 1 per cent., are attractive, and whether his attention has been drawn to auctioneers' notices in the papers that sales such as these offer great opportunities for speculators, investors and others?

Sir K. Wood

I have already given a reply.

Mr. Stokes

Then will the Chancellor explain why landlords are the only privileged people who are being allowed to make a maximum profit out of the national emergency?

Sir K. Wood

No, Sir; I have already given an explanation to my hon. Friend in my reply of 30th September.

Sir Percy Harris

Will the Chancellor draw the attention of the Minister of Agriculture to this matter, for he is very much concerned?

Mr. Tinker

As this Question is important, will the right hon. Gentleman tell us whether the sellers are being taxed on this excess?

Sir K. Wood

I dealt with the general Question on 30th September.

Mr. Stokes

Does not the Chancellor recollect that in his reply he merely said that they were not subject to the Excess Profits Tax, and is not that position most unsatisfactory?

Sir K. Wood

If my hon. Friend will refer to the answer, he will see that I did not say that.

Mr. Stokes

I beg to give notice that, in view of the thoroughly unsatisfactory nature of the reply, I shall raise the whole matter on the Adjournment at an early date.