Clause 26. — (Annual value of property in London for purposes of Income Tax.)

Part of Orders of the Day — Finance Bill. – in the House of Commons at on 23 June 1930.

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Photo of Lieut-Colonel Kenyon Vaughan-Morgan Lieut-Colonel Kenyon Vaughan-Morgan , Fulham East

I have given the hon. and learned Member a piece of advice, and, if he finds himself in those particular circumstances, I hope he will take my advice. This is not a party question, and, as I find myself in disagreement with some of my hon. Friends, I would like to give a few reasons why I support the transfer of the City of London from a single to a separate valuation. In present circumstances, the Exchequer does not receive anything like its due demands, and the occupier is in danger of having his rateable value increased beyond its proper amount. The income received from property should pay tax on the appropriate rent, subject to proper allowances. The property owner is in a favourable position inside London, and his investments enjoy advantages over other people's investments.