PREFACE. 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 1909 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 subjectmatters 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. In view, then, of the novelty and the difficulty of the statute, I have felt justified in employing every means which came to my hands of elucidating its provisions, and I have not hesitated to cite many cases decided upon earlier Acts and other documents, nor to pray in aid established principles of law; I have frequently ventured to express my own opinion upon the interpretation of the sections; as often as possible, I have framed concrete examples to illustrate what I conceive to be the effect of the various provisions. I have also given references to the Debates on the Bill wherever these seemed to be helpful. The chief definitions of value are contained in section 25. Although the standards of value now set up are based principally upon market value, and the standard of value for poor rate is based upon rental value, much may be gathered by a comparison with the law of rating; and much also may be gathered by a contrast with that law. I have ventured, therefore, in my notes to section 25, keeping in view that comparison and that contrast, to suggest principles for the application of the new standards to the various kinds of property which will now have to be valued. The procedure upon the forthcoming valuation, and the rights of objection and appeal given to the subject, are fully dealt with in the notes; and here, again, use has been made of certain analogies with the rating practice. The provisions relating to minerals are not the least complicated in Part I., and I have attempted to make clear the method by which they are to be valued and taxed. But what the reader of a new statute requires (much more than the opinions of an individual writer) is that he shall find the means to make the statute interpret itself. This aid I have been at pains to supply, in the shape of abundant cross-references and a copious index. The incorporated enactments are printed in an appendix. The new duties and the impending valuation must be of immediate interest and of pressing importance to very many persons connected with the ownership, |