§ Mr. VINCENT KENNEDYasked the Chancellor of the Exchequer whether it is intended that Increment Value Duty should be charged on the occasion of a sale of land, under the Land Purchase (Ireland) Acts, from landlord to tenant; and, if so, is the site value of the land at the date of assessing the duty to be taken under the provision of Clause 2 (2) of the Finance Bill as the sum advanced by the State under the Land Purchase (Ireland) Acts to enable the transfer from landlord to tenant to be completed?
§ Mr. LLOYD-GEORGEIncrement Value Duty will be charged on the occasion of the sale of a holding by a landlord to a tenant, but only in the somewhat unlikely contingency of the land sold having a higher value for other purposes than its value for agricultural purposes only. Where Increment Value Duty is chargeable on such a sale, the amount of the purchase money, after making the deductions which may be allowed under Clause 2 of the Finance Bill, would be the site value of the land to be compared on the occasion of the sale with the original site value.