Mr. T. THOMSON
asked the Financial Secretary to the Treasury the saving which accrued to the public in the purchase of land for housing and other purposes in the three years 1920, 1921, and 1922, owing to the existence of the Land Valuation Department; and the cost of that Department for the same period?
It is in the nature of things impracticable to frame a precise estimate of the savings effected by the1572W Land Valuation Department in the purchase of land for public purposes. The saving is, however, undoubtedly, very large. As an illustration of the activities of the Department in a single sphere, I may say that, during the three years from 31st March, 1920, to 31st March, 1923, the difference between the prices paid, in cases in which the Valuation Office acted for Government Departments and public authorities, and the prices claimed by the owners, in respect of purchases of land for assisted housing schemes, was £1,588,000. The Department has, of course, numbers of other duties of various kinds. The cost of the office charged to the Valuation Office sub-heads of the Inland Revenue Vote for the years 1920–21 to 1922–23 was £1,433,554.
§ Sir L. LYLE
asked the Chancellor of the Exchequer when he proposes to introduce the necessary legislation recreating the machinery for the taxation of land values; whether any estimate of the cost has been included in the present Budget; and, if so, what is the amount?
§ Mr. SNOWDEN
I shall as soon as possible name a day for the introduction of the legislation foreshadowed in my Budget statement. The cost will be quite small and I anticipate that it will be met by savings on the general Vote of the Department.