§ 73. Mr. Murtonasked the Minister of Land and Natural Resources, what are the circumstances in which local authorities will pay levy on the development or disposal of land other than on that held for commercial purposes.
§ 75. Mrs. Thatcherasked the Minister of Land and Natural Resources how he calculated the figure of £80 million for the gross annual yield of development levy; and what assumptions he made in the calculations.
§ Mr. WilleyThe figure, which relates to levy at 40 per cent. was calculated on an estimate of the likely annual amount of development that would take place over the next few years and an estimate of the average cost of land and of the average amount of development value in that cost for each of the main classes of development.
§ 76. Mrs. Thatcherasked the Minister of Land and Natural Resources, what estimate he has made of the annual yield of levy after deduction of the amount which would have been collected under existing taxation provisions.
§ Mr. WilleyThe levy will cut into the amount which would otherwise be collected under existing taxes. But a close estimate of the extent is not possible because these taxes are assessed on quite a different basis and are subject to different exemptions.