§ Mr. Heddleasked the Chancellor of the Exchequer what was the amount of development land tax assessed as payable in 1980; what was the amount assessed to be liable following deemed disposal; and what was the total cost of collecting this revenue.
§ Mr. Nicholas RidleyThe net amount of tax assessed in 1980—including that under the net of tax arrangements—was £76 million. Not all of this was immediately payable and the amount so payable could be provided only at disproportionate cost. Some assessments will ultimately be altered or discharged. It is estimated that about 20 per cent. of the tax assessed in 1980 resulted from deemed disposals. The cost of collecting development land tax in 1980–81 was £4.9 million.
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