94 GREAT BRITAIN AND IREI,AND - MISCElvl,ANEOUS 



A lease for 99 years is granted at a rent ot £90, u very exorbitant 

 figure; 



The Fee Simple Value on such a basis might be £1,800 



Deductions : 



(a) Difference between Real* Gross Value . . . £1,600 



and Real* Full Site Value £400 £1,200 



£600 

 {b) Value attributable to road-making . . . £20 



(c) » » redeeming tithe . . . £10 £30 



Site Value on Occasion . . . £570 

 The Original Valuation as on 30th. April, 1909 was : 



Total Value £i,5oo 



(a) Difference betwsn Gross Value £1,600 



And Full Site Value £400 £1,200 



£300 



(b) Road-making £20 



(c) Redemption of Tithe £10 £30 



Original Assessable Site Value . . . £270 



The Increment Duty payable, assuming the occasion to be the first to 

 occur would be : 



Occasion Site Value ^57 o 



Original Site Value. . . . £270 



Add the 10 % . . . £27 £297 



Increment . . . £273 

 Duty £1 for every complete £5 — £54. 



Now it will be noted that in this case the Occasion Site Value {£570) 

 exceeds the Original Site Value (£270) by £300, and that increment is re- 

 vealed although the Site Value has not in fact as a matter of real valuation risen 

 in value, but inasmuch as the deduction from the Total Value on the Occa- 

 sion is, on the proper construction of the Act as confirmed by the High Court 

 and Court of Appeal (the case has not yet reached the House of lyords), limited 

 to the £1,200 (being the difference between the two genuine Gross and Full 

 Site Values, as opposed to price paid, freshly ascertained as on the day of the 

 grant of lease) the " fancy " or excess price of £300 becomes absorbed 



{* Actual Values at the time of graut of lease). 



