Publisher's Synopsis
Excerpt from A Guide to the Duties Imposed Upon Land and Mineral Rights, Vol. 1: By Part I. Of the Finance (1909-10) Act, 1910, Including the d104 of the Act, Notes on Each Section, and All Forms and Rules Issued
The following pages are an attempt to present in as simple a form as possible Part I. Of the Finance (1909 - 1910) Act, 1910. I have endeavoured to show not only the legal import, but also the intended effect, of each section, and in this task I have received great assistance from a study of the Official Reports of the House of Commons.
The Act imposes four new duties upon the owners of land, increment value duty, reversion duty, undeveloped land duty, and mineral rights duty, and these duties may be shortly explained as follows.
Increment value duty is a duty of twenty per cent. Upon the rise in the site value of land after the 30th day of April, 1909, and is payable on the transfer of land, on the grant of a lease of land, and on the death of the owner, or, when the owner is a body corporate or unincorporate, every fifteen years, commencing in'the year 1914. Its aim. Is to secure for the community a share of the increase in the value of land which arises from the efforts of the community, and not from those of the owner of the land.
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