MARQUESS of TULLIBARDINEasked whether, under the Finance Bill, 1909–10, timber is now to be valued for the purpose of Death Duties separately from the rest of the estate; whether it is subject to the higher scale of Death Duties proposed in the Finance Bill; and whether the rate of Death Duties on the timber increases in proportion to the value of the rest of the estate upon which it is grown?
§ Mr. LLOYD-GEORGEThe answer to the first part of the question is in the affirmative. The answer to the second part is also in the affirmative, but the duty will not be payable until a sale of the timber takes place. As regards the third part, the rate of the Estate Duty will be determined by the total value of the property which has to be aggregated.
MARQUESS of TULLIBARDINEalso asked whether, under the Finance Bill of 1909–10, the land upon which timber is grown is subject to a higher rate of Death Duties than formerly?
§ Mr. LLOYD-GEORGEIf the value of the land, plus the value of all the property to be aggregated therewith, exceeds £5,000, then under the Finance Bill a higher rate will be payable whether timber is grown on the land or not.
MARQUESS Of TULLIBARDINEasked the Chancellor if, in his next Budget, he will reduce the taxation upon timber in this country in order to allow 187W it to compete upon fair terms with foreign and Colonial-grown timber which is not subject to similar burdens?
§ Mr. LLOYD-GEORGEAs the Noble Lord is no doubt aware, during the passage of the Finance Bill last year, I took especial pains to safeguard the interests of genuine growers of timber, and I can assure him that the matter is still engaging my attention.