Mr. DUNDAS WHITEasked the Chancellor of the Exchequer whether it is the practice of the Commissioners of Inland Revenue, in making valuations under Section 25 of The Finance (1909–10) Act, 1910, to regard Sub-section (5) of that Section as excluding from such valuations the value of any right to obtain minerals?
§ Mr. LLOYD GEORGEI would refer the hon. Member to Section 23 (2) of the Act under which minerals are for purposes of valuation to be treated as a separate parcel of land.
Mr. DUNDAS WHITEasked whether there are instances in which the Commissioners of Inland Revenue, in making valuations under Section 25 of The Finance (1909–10) Act, 1910, have valued the land lower than they would otherwise have done because of the presence in it of minerals which are being worked or are likely to be worked; and, if so, whether the reason for taking that course is that the working of the minerals, or the prospect of their being worked, is considered as detracting from the value of the surface?
§ Mr. LLOYD GEORGEThe answer to the first part of the question is in the affirmative. The question whether land falls to be valued lower than it would otherwise have been because of the presence in it of minerals which are being worked or likely to be worked depends upon many considerations, and the governing principles will shortly be raised before a referee.