HC Deb 07 February 1957 vol 564 cc597-8
32 and 33. Mrs. L. Jeger

asked the Chancellor of the Exchequer (1) his estimate of the rateable value of new buildings in St. Pancras which are in rateable occupation but for which his Department has proposed no assessment;

(2) how many notifications have been received by his local valuation officer from the St. Pancras Borough Council of changes requiring alterations in the valuation list; how many have been dealt with; and how many remain outstanding.

Mr. Powell

Up to now, 487 notifications of new and altered properties have been received, and 275 of these have been dealt with. Of the others, 40 have been valued, but proposals for alteration of the valuation list have not yet been issued by the valuation officer. The remainder are being dealt with as rapidly as possible. It is not possible to make an estimate of the rateable value of these properties because they have not yet been inspected.

Mrs. Jeger

What steps is the Minister taking to ensure that these matters will be dealt with before 31st March so that the local authority does not lose its right of recovery? Secondly, is the Minister aware that, solely because of delays in his Department, the local authority has been deprived of about £200,000 of rate income for the current year and has had to borrow at 5½ per cent.? Would it not be fair for his Department to refund to the local authority the cost of borrowing money which is solely attributable to Treasury delays?

Mr. Powell

I have every reason to expect that these valuations will be complete and the alterations made in the valuation list in time to ensure that the local authority does not lose revenue in the current rating year.

Mrs. Jeger

With respect, Mr. Speaker, my second question has not been answered at all. Many of these premises have been in rateable occupation since June. Is the Minister not aware that the local authority has had to expend money which it has had to borrow at 5½ per cent.? Will he not look at the possibility of making a refund?

Mr. Powell

It is always the case that there is a time-lag in the downward and the upward adjustment of valuations as a result of proposals.