§ Captain CLIVEasked the Chancellor of the Exchequer whether, in calculating the Estate Duty to be paid on timber sold, the cost of replanting is allowed to be deducted; and, if so, under what Statute?
§ Mr. LLOYD GEORGEThe cost of replanting, in so far as it is necessary to maintain the woods in the state in which they existed at the time of the death in connection with which duty is payable, is regarded as a "necessary outgoing" within the meaning of Section 9 of the Finance Act, 1912, and is accordingly allowed as a deduction in arriving at the net amount on which duty falls to be paid.