asked the Chancellor of the Exchequer what would be the cost of reassessing the rateable value of agricultural land in 1976–77; and if he can make an estimate of the increase in value since the last valuation.
family allowances net of tax and ( b) child's income tax allowance; and what are the comparable figures for 1975–76, taking into account the rate of inflation with assumed 20 per cent. wage/salary increases, recent increases in family allowance with new clawback arrangements and the fact that there has been no increase in child's income tax allowance.
The figures are as follows:
It is possible to make only a very approximate estimate of the cost, but it would be of the order of £8 million. Even if the additional professional and supporting staff required could be made available immediately, the work would take several years to complete and would not be ready in time for 1976–77.The best estimate available of the total rateable value of agricultural land and buildings in England and Wales had they been included in the 1973 valuation list is just under £200 million.