§ Mr. Geoffrey Lloydasked the Minister of Land and Natural Resources whether, under his proposed legislation, companies dealing in land will be required to pay development levy on transactions 158W in land arising in the course of their business; and whether credit for such payments of development levy will be given in assessing Corporation Tax on such companies.
§ Mr. WilleyThe Answer to the first part of the Question is "Yes"; the Answer to the second part is that the amount paid in levy will be allowed as an expense in computing their profits for Corporation Tax purposes.