§ 19. Mr. Haymanasked the Chancellor of the Exchequer what special taxation concessions are given in respect of private woodlands.
§ Mr. H. BrookeIncome Tax in respect of the occupation of woodlands is assessable under Schedule B on the basis of one-third of the annual value, except where an occupier of woodlands managed on a commercial basis and, with a view to the realisation of profits, elects once and for all to be charged under Schedule D instead of under Schedule B.
§ Mr. HaymanIs the right hon. Gentleman aware that a noble Lord who is in another place has written a book entitled "Profitable Forestry"? Will the right hon. Gentleman look into this matter again to see whether it is really necessary to continue these subsidies to land owners?
§ Mr. BrookeI do not see any subsidy to land owners arising here. It is quite true that the Royal Commission recommended the abolition of Schedule B, but the present situation I described in answer 2191 to the Question originates from an amendment accepted by Sir Stafford Cripps in 1948.
§ 20. Mr. Haymanasked the Chancellor of the Exchequer what special concessions on Death Duties are made in respect of private woodlands.
§ Mr. H. BrookeUnder the Estate Duty law, growing timber is not taken into account in determining either the value of the land passing on the death or the rate of duty. If such timber is subsequently sold, duty becomes payable at the rate already fixed in connection with the last death on which the land passed. Timber sold standing is chargeable on its value at the last death; timber sold felled is chargeable on the net proceeds of sale.
§ Mr. HaymanIn view of the financial stringency which prevents the Chancellor granting post-war credit concessions to disabled people, will the right hon. Gentleman ask his right hon. Friend to look now at this concession to the owners of woodlands?
§ Mr. BrookeI am very willing to look at anything to which the hon. Member draws my attention, but I cannot see any substantial concession here.