Mr. SANDYSasked the Chancellor of the Exchequer whether, if a house or houses are sold subsequently to the valuation instituted under the Finance (1909–10) Act, 1910, at a price that is greater than the value shown in that valuation, the profit, if due to an increase in the demand for houses in that particular locality, will the subject to Increment Duty; whether the vendor of the house, who is also vendor of the site upon which the house stands, will be compelled to pay Increment 1222W Duty, subject to the exceptions for houses below a certain rateable value; and whether the same liability to pay Increment Duty will attach in the event of property passing on the death of an owner and showing an increase in value when valued for Death Duties?
§ Mr. LLOYD GEORGEWhether an increase in the value of land which is built upon is due to an increase in the site value of the land or to some other cause is entirely a matter of valuation, and it is impossible for me to give a general answer to the hon. Member.