HC Deb 17 October 1950 vol 478 cc234-5W
64. Mr. Reeves

asked the Chancellor of the Exchequer what evidence he has of the prevalent practice of private individuals making investments in farming for the purpose of spreading their liabilities to Income Tax and Surtax, and, on account of the lower rate of Death Duties involved, thus tending to increase farm values to farmers with small means; and what steps he is taking to prevent it.

Mr. Jay

Farming is now dealt with for Income Tax and Surtax purposes in the same way as any other trade and the principle of charging a lower rate of Estate Duty on agricultural property was reaffirmed by Parliament as recently as last year.