§ Mr. Dalyellasked the Chancellor of the Exchequer if he will introduce legislation to exempt railway undertakings from development land tax, in projects such as the modernisation and creation of transport interchanges in stations, where there are major planning advantages for the community.
§ Mr. Peter ReesNo; but to the extent that re-development for the railways' operational use results in the realisation of development value, the development land tax liability on that value can be deferred.