§ Mr. Grovesasked the Chancellor of the Exchequer why local rating authorities fix the rateable value of properties at a certain fixed figure but the Income Tax authorities fix the figure always in excess of this; and whether he will cause suitable inquiries to be made?
§ Sir K. WoodThe annual values of properties for the purpose of assessment to Income Tax under Schedule A are determined by the General Commissioners of Income Tax under the rules of the Income Tax Acts applicable to Schedule A. The values for rating purposes are determined by numerous separate and independent authorities and are only one of the factors to be taken into account in determining the values for Income Tax purposes. It is not the case that the Income Tax figure of annual value is always in excess of the value for rating purposes.