§ 39. Captain Corfieldasked the Chancellor of the Exchequer whether he will introduce legislation to place the valuation of land for the purposes of Estate Duty on the same basis as that adopted for the valuation of land for the purpose 405 of compensation where land is acquired by Government Departments or local authorities under compulsory powers.
§ Captain CorfieldAm I to take it from my hon. and learned Friend's Answer that he is satisfied with the basis of valuation for Estate Duty purposes? If so, does not it follow that the basis of valuation for compensation is highly unsatisfactory and urgently needs revision? May I further ask him whether, and in what way, any recognition of the unfairness of compensation is made in relation to Estate Duty where compulsory acquisition closely follows inheritance?
§ Mr SimonThe answer to the first part of my hon. and gallant Friend's supplementary question is, "Yes, I am satisfied that the basis of valuation here is fair." As for the second part, my hon. and gallant Friend has a Bill pending before the House at this moment, and it would not be appropriate for me to comment upon it. As for the third part, there is a provision in the law whereby, if property which has borne Estate Duty is compulsorily acquired within five years of the date on which the duty was paid, the value for Estate Duty purposes is reduced to the amount of the compensation.