§ Mr. William Priceasked the Minister of Housing and Local Government whether, in view of the proposal of the Chancellor of the Exchequer to treat mineral royalties for tax purposes as if half the royalty were an income receipt and the other half a receipt of capital, he will take steps to ensure that only half mineral royalty payments are regarded as rents for the purpose of assessing mineral hereditaments to rates.
§ Mr. Greenwood:I have decided that the basis of assessing mineral hereditaments to rates should be adjusted to take into account the proposal of my right hon. Friend the Chancellor of the Exchequer in relation to the taxation of mineral royalties. I am considering the detailed adjustments which might be appropriate, and in due course will be consulting the various interested organisations with a view to making an Order under Section 35(2) of the General Rate Act, 1967 to take effect from 1st April, 1971.