§ Mr. HARRIS
asked the Chancellor of the Exchequer whether he is aware that a claim for substituted value under Section 2 of the Revenue Act, 1911, recently made by the mortgage of a fee simple, has been refused by the Commissioners on the ground that the section does not apply to a mortgage in fee simple, although under the principal Act substituted value is allowed in the case both of a transfer on sale and of a mortgage of the fee simple; and whether he will introduce legislation to remedy this state of affairs?
§ Mr. LLOYD GEORGE
The answer to the first part of the question is in the affirmative. I do not think it necessary to introduce amending legislation.