HC Deb 06 April 1949 vol 463 cc2087-8

In the field of Inland Revenue, it is time that the Land Tax of 1692 was got rid of. It has long been redeemable, and 60 per cent. of the tax, which varies from 1d. to 1s. in the £ of annual value, has already been redeemed. What remains yields less than £600,000 a year to the Exchequer, but entails 1,100,000 assessments. I propose, therefore, to make redemption compulsory when the property first changes hands, on sale or death, after 1st April, 1950. There will be two exceptions. Where the annual charge is less than 10s. which is the case in 700,000 of the assessments, the tax will be abolished outright, at an annual cost of only £74,000 to the Exchequer. I further propose that, if the property charged passes on death but forms part of an estate below the Estate Duty exemption limit of £2,000, the redemption money shall not be chargeable.

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