§ 82. Mr. Iremongerasked the Chancellor of the Exchequer upon what principle Income Tax valuations of residential property for Schedule A tax are carried forward from year to year on the basis of 1936–37 values; how many properties have been built since 1936–37; and what valuation is applied to those properties.
§ Sir E. BoyleThe Income Tax Acts provide that the annual value of any property which has been adopted for Schedule A for any year of assessment shall be taken as the annual value of that property for the next year, and so on from year to year until there is a general revaluation. About 4½ million new residential properties have been built since 1936–37. If they are let, they are normally valued on the basis of the rent; if they are owner-occupied, they are valued by reference to the Schedule A values adopted for comparable properties in the area.
§ 83. Mr. Iremongerasked the Chancellor of the Exchequer whether he will give an estimate of the percentage increase in Schedule A tax to which houses built in 1936–37 will be liable when Income Tax valuations of residential property are brought up to date.
§ Sir E. BoyleI regret that no such estimate can be made.
§ Mr. Iremongerasked the Chancellor of the Exchequer if he is now able to announce that Income Tax valuations of residential property will be brought up to date at the same time as assessments for rating; and if he will estimate 147W the percentage increase of taxation in respect of owner occupancy which these two revaluations will involve in England and Wales.
§ Sir E. BoyleI cannot anticipate my right hon. Friend's Budget statement.