§ Mr. KEATINGasked the Chancellor of the Exchequer whether, in the case of agricultural land having an original site value of £501, and, after subsequently increasing in agricultural value to £901, ultimately acquiring a building value of £1,001, Increment Duty would, on its so acquiring building value, be paid on the £500 difference between its then value as building land and its original agricultural value, or whether the £400 increase of agricultural value would be protected and excluded from the tax and Increment Duty levied only on the £100 excess of building value over the highest agricultural value?
§ Mr. LLOYD-GEORGEDuty would be payable on an increment value of £500, subject, of course, to the reduction provided by Section 3 (5) of the Finance Bill.