Edwin Max Konstam
Published: 2015-07-28
Total Pages: 474
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Excerpt from The Law Relating to the Duties on Land Values and Mineral Rights and to the Valuation of the Same, Being of the Finance (1909-1910) Act, 1910: With the Incorporated Enactments Full Explanatory Notes and a Practical Introduction After a controversy more prolonged and more severe than has been undergone by any financial measure of our time, the "Land Clauses" of the Budget Bill of 1900 have become law as Part I. of the Finance (1909-10) Act, 1910. Part I., which is the subject of this book, forms a measure practically independent of the rest of the Act. The taxes imposed by it are as follows: The increment value duty, the reversion duty, the undeveloped land duty, and the mineral rights duty; and different provisions apply to the increment value duty according as it is levied upon land or upon minerals. Part I. also directs a general valuation of all land in the United Kingdom, which is to be commenced immediately; and it provides for the valuation of minerals. This book is happily not concerned with controversy, but there can be no question either of the novelty or of the extreme complexity of the measure that is here dealt with. The new taxes are imposed in respect of subject-matters which (apart from death duties) have admittedly hitherto escaped taxation. New standards of value are set up: and they are numerous. The Act uses many phrases of importance, even in describing the subjects of taxation, as to the meaning of which it affords very little guidance: for instance, it contains no definition of the word "minerals," nor does it state what is meant by "transfer on sale." In short, Part I. travels into many regions of law; and opens up, so to speak, a whole new continent of valuation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.