§ Mr. BECKERasked the Chancellor of the Exchequer if his attention has been called to the quinquennial assessment of house property; if he is aware that these assessments are in some cases in excess of rent; that in the case of house Income Tax payable on these new assessments the tenant will have to pay the tax in so far as the assessment exceeds the rent; and will he have this matter immediately reviewed?
§ Major BOYD-CARPENTERThe present revaluation for Income Tax purposes is being made in accordance with old established law under which the annual value of property is the rack-rent at which it is let, or worth to be let, by the year. If the rent paid by a tenant is not a rack-rent, namely, where the tenant undertakes also to bear the cost of repairs, the rack-rental value of the property would often be in excess of the actual rent, and often has so been in the past. If the hon. Member has in mind any case in which the circumstances are not considered to be such as to justify an excess, and will let me have the necessary particulars, I will gladly have the matter investigated.