SYSTEMS OF LAND VALUATION IN THE UNITED KINGDOM 97 



thereafter made for the value of any improvements made by the lessor dur- 

 ing the term of the lease and also for any compensation paid by 

 lessor to lessee at the determination. The Total Value at the grant is 

 calculated on the basis of the rent reserved and payments made in consider- 

 ation for the grant of the lease. The Total Value at the determination is 

 the actual value at such time. 



The principal exemptions are: 



Reversions to leases purchased before 30th. April, 1909, where the lease 

 on which the reversion is expectant, determines within 40 years of the date 

 of purchase ; total exemption. 



Land which is agricultural land at the determination of the lease ; 

 total exemption. 



Allowance is made where Increment Value Duty has been paid for 

 the same benefit or increment. 



Land held by statutory companies and rating authorities ; total 

 exemption. 



Where the lessor's and lessees interests become merged, an allowance 

 is made. 



When such a merger takes place at a time when more than 50 years 

 of the lease are unexpired, and the value of the property does not exceed 

 £500 ; total exemption. 



§ 8. The further purposes for which the valuation might be used 

 IF parliament so desired. 



It was stated in the first article that no uniform or equal valuation 

 existed throughout the United Kingdom, that a Royal Commission has re- 

 ported that such a valuation was desirable, and that a Departmental Com- 

 mittee is now sitting to consider such question among others. WTien the 

 Valuation now [jroceeding is completed — and completion is anticipated 

 on 31st. March, 1915 — it will have been made on a basis which ^plies 

 uniformly throughout the whole Kingdom, and there will be a record 

 of the various values and deductions in a form, which, by any necessary 

 adaptations or adjustments, could be made into a basis on which all local 

 rates and Imperial taxes could be levied. 



The values recorded are capital and not annual values, but should an- 

 nual values be desired, they can be ascertained from the capital values or 

 the valuer's records. It, would, however, be necessary, as previously explain- 

 ed, to arrive at a »Site Value of agricultural land reduced by deduction in 

 respect of purely agricultural improvements before levying rates and taxes 

 other than Increment Value Duty. 



The form of Records of Values is shown in Appendix IV. It is known 

 as the " Valuation Book." 



It is a burning question of the day whether rates and taxes (other than 

 the new land value duties) should continue to be levied as at present on an- 

 nual values, or be imposed on capital values. It is not desired in this ar- 



