§ 3. Mr. Ian Lloyd
asked the Chancellor of the Exchequer what criteria govern the fixing of prices by the Crown Estate Commissions when tidal land which is otherwise undeveloped and valueless is sold to local authorities and other bodies which need it for development made possible by reclamation schemes undertaken by them at their own expense.
§ The Financial Secretary to the Treasury (Mr. Niall MacDermot)
The Commissioners follow the advice of the Inland Revenue Valuation Office as to 273 the market value, excluding any element of monopoly value.
§ Mr. MacDermot
I am afraid that we cannot help local authorities by breaking the law. The Crown Estate Act requires the Commissioners not to sell or dispose of land except for the best consideration which can reasonably be obtained. An assurance was given to the House when the Bill went through that they would follow this procedure by seeking the advice of the Inland Revenue Valuation Office and accepting it.