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Development Land Tax And Wealth Tax

Volume 888: debated on Thursday 13 March 1975

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asked the Chancellor of the Exchequer what arrangements he has made to ensure that the Inland Revenue can meet the timetables envisaged in the Government's proposals for a development land tax and a wealth tax, respectively.

As announced in the Inland Revenue statement of 4th February, it is proposed that the development land tax should operate from an appointed day which will not be before the end of this year. As stated in the Green Paper (Cmnd. 5704), I hope to introduce legislative provisions for the wealth tax in 1976, after the Select Committee has reported, with a first valuation date of either 31st December 1976 or 31st March 1977. If these timetables are to be met, planning must not be delayed pending introduction of the legislation, and the PSA has been authorised to enter now into any commitments necessary to ensure that accommodation will be available. Any necessary expenditure will be met by drawing on the Contingencies Fund pending a Supplementary Estimate, which will be presented at the next opportunity.