LAND TAX.

Dominion, Volume 2, Issue 489, 23 April 1909, Page 5

LAND TAX.

- _4_ . WILL IT APPEAR IN BRITISH BUDGET? TWO DIFFICULTIES. SITE VALUE AND IMPROVEMENTS. (ni TELEGRAPH—PEEBS ASSOCIATION—COPTRIOUT.) (Rec, April 22, 10.5 p.m.) 1 London, April. 22. , "Tho Times" states that tho Cabinot will reject tho proposal to include in tho next ' ' Budget a' tax on tho capital value of land,; owing (1) to tho inadequate revenue obtain-, , ablo from such a tax; and (2) to tho difficulty, ' of disontangling the site value from that of. buildings and improvements. A PROBLEM OF VALUATION. The difficulty of disentangling the sito value from that of buildings and improvements was clearly foreseen by flic Liberal Government. In, a speech on May 12 of last year, Mr. Asquith, in foreshadowing a Valuation Bill for England and Wales, said that one of the' main objects "would bo to.provide for a separate valuation of sites and buildings."' In a speebh in February last,'tho Chancellor of the', Exchequer, Mr. Lloyd-George, said that "valua-' tion is the essential part of tho problem." If "The Times" is correct, the Liborals, have found it a very thorny problem. Moreover, the Houso of Lords, though it cannot reject a land tax, can mutilate, a Valuation Bill, ' as it did in the case of the Scottish Land . Values Bill. ; \ . ' . As to revenue from a land tax, tho "Daily , Mail" recently declared [—".Vigorous and , sistant aro the advocates of tho taxation of. ~ land values, whose views are kept, well 'be-' ' fore Mr. Asquith and Mr. Lloyd-George. The land of tho United Kingdom is supposed tolbe worth .£5,000,000,000 if it could all be sold by \ auction to willing'buyers, A .tax of a penny.' ■ in the pound would produce over JC20,000,000.' ■ But cvon, tho enthusiasts do not suggest- more i.than a farthing in the pound for a Start, and ■:■ they, admit that,' considering tho tirqe, and cx« pense involved' in anaking'the first-'Valuation, ■'.. the first year's ' yield would not, exceed lj. ~ millions." ' .. .." , ■'. w>W , ~.' ;;'.••;■ Discussing an article by Mr. Harold Spender' - on "What Will tho Next B.t|dge.t,Bo?" the ...,' " Daily Mail" states:'—" Ho (Mr. Spender) cstU '• mates' that expenditure will, increase at least of which the following will bo the''! chief.items:—'....,: ■....■..'■...- '•„■>.■ , '. Old age pensions X 8,000,000 : Increase of the Navy-...., .£3,000,000 ■'•"'■ Education !„., £1,000,000'! .. '. .' Invalidity insurarico, : .£3,000,000, > "Mr. Spender.would.raid the Sinking.Fund for five millions; death duties, he: thinks, may , be. squeezed to giro another" two' millions! a super-tax on incomes ' over .£SOOO would give. 'threo millions; while three millions are .to bo-'--. extracted by a higher duty on licenses. How the remaining two millions are .to bo' secured ',-. .'' Mr. Speudcr does not explain." '~ '.!■'