§ Sir P. Bryanasked the Chancellor of the Exchequer if he will confirm that the part of his statement of 17th December 1973 concerning taxation of property development does not affect agricultural development and that potential development only refers to land with planning consent for purposes other than for agriculture.
§ Mr. NottI can confirm that it is not the Government's intention to treat as a development gain any gain on a sale of agricultural land at its value for agricultural purposes. Moreover, the proposal
382Wsequently been announced. After conversion to October 1970 prices the figures in the previous answer are:
that no development gain will be regarded as chargeable if the disposal proceeds do not exceed 110 per cent. of current use value should be of particular assistance in practice in the case of agricultural land.