HC Deb 29 April 1953 vol 514 cc108-9W
Mr. Hylton-Foster

asked the Chancellor of the Exchequer to make a statement on the practice of the Inland Revenue in regard to Land Tax redemption money when a company sells property charged with Land Tax.

Mr. Boyd-Carpenter

This matter, which depends on the construction of Sections 39 and 40 of the Finance Act, 1949, has recently been considered by the Law Officers. My right hon. Friend is advised that where a property was owned by a corporate or unincorporated body of persons or by the sole trustee of a charitable or public trust on 1st April, 1950, the Land Tax redemption money is, in law, payable by that body or trustee notwithstanding a subsequent sale. I am aware that, on a sale of such property in the past, the purchaser has, in accordance with the view of the law formerly held and published by the Inland Revenue—and generally accepted—been called upon to pay. I do not, however, think that any injustice has, in general, been done, since the liability for the redemption money, which was assumed to be on the purchaser, will have been a factor to be taken into account in fixing the price. The vendor will not, of course, be

Article 1949 price including Purchase Tax () 1950 price including Purchase Tax () 1951 price including Purchase Tax () 1952 price including Purchase Tax () 1953 price (pre-budget) including Purchase Tax ()
s. d. s. d. s. d. s. d. s. d.
144 exercise books 30 9 (7/8) 30 9 (7/8) 46 8 (11/8) 5l 4 (12/10) 42 11 (9/11)*
144 jotters 80 1 (20/-) 80 1 (20/-) 119 1 (29/10) 131 - (32/9) 109 2 (25/-)*
144 pencils 9 11 (utility)† 9 11 (utility)† 25 4 (6/4) 26 0 (6/6) 26 0 (6/6)*
Infant reading book 3 3 3 3 4 0 4 3 4 3
* Purchase Tax has been reduced by 25 per cent. in the current financial year.
† Before 1951 the shortage of graded pencils obliged education authorities to purchase utility pencils.