§ Mr. HENRY GOOCHasked the Chancellor of the Exchequer whether it is intended by Clause 25 of the Finance Bill to exempt from duty under Part I. of the Bill land from which the rents and profits are applied to public or charitable purposes; and, if not, whether he will move the necessary Amendments with the object of giving effect to such exemption?
§ Mr. LLOYD-GEORGEThe exemption granted by Clause 25 is restricted to "land held by any person or body of persons.… while the land is occupied and used by that person or body" for the purposes specified in the clause. I cannot, as at present advised, undertake to extend the exemption in the manner suggested by the hon. Member.
§ Mr. HENRY GOOCHasked the Chancellor of the Exchequer whether he is aware that, notwithstanding the exemption from duty of land held by a rating authority or for public or for charitable purposes under Clauses 24 and 25 respectively of the Finance Bill, nevertheless the method of calculating the value of the benefit accruing to the lessor under subsection (2) of, Clause 7 of the Bill will have the effect of depreciating the value of a reversion expectant on the determination of a lease when sold by a rating authority or a body of persons carrying on an institution for public or charitable purposes; and whether, under these circumstances, he will move the necessary Amendments with the object of providing that Reversion Duty shall not be payable in respect of so much of the benefit as shall have, in effect, accrued to the rating authority or body of persons, as the case may be?
§ Mr. LLOYD-GEORGEI regret that, as at present advised, I cannot see my way to adopt the hon. Member's suggestion.