Marquess of TITCHFIELDasked the Chancellor of the Exchequer whether he can estimate the loss of revenue to the Exchequer if the new Clause, "Assessment deduction and minimum tax," standing in the name of the hon. and learned Member for Montgomery (Mr. C. Davies) is accepted?
§ Mr. P. SNOWDENFor the reasons which I explained in introducing the Ways and Means Resolution, it is impossible to make even an approximate estimate of the yield of any tax on land values until considerable progress has been made with the work of valuation.