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45
expressing the opinion "that the ground rent ought to betaxed
as well as the building rent, and that the revenue
derived from this source should be devoted to the relief of
local rates." The obvious reply to this resolution is that
the ground rent is already assessed to the local rates, and
the mere rating of the ground rent separately from the
building rent would not increase the area of taxation, and
consequently would not provide any revenue for the relief
of local rates. The Vestry, however, regarded the resolution
in question as intended to raise far wider issues than
appear on the surface, and referred the whole subject to a
Committee for consideration and report. The matter was
still under consideration at Lady-day.
So much misapprehension exists regarding the rating of
ground rents or ground values, that the following Memorandum,
prepared by the Vestry Clerk at the request of a
Committee, is reproduced. The Memorandum was prepared
for the purpose of information only, and has not been
adopted by the Vestry; it is therefore not to be taken as.
necessarily representing their views:—
MEMORANDUM on Resolution of the Vestry of St. George's, Hanover
Square, "That the Ground Rent ought to be taxed as well as the
Building Rent, and that the Revenue derived from this source should
be devoted to the relief of Local Rates," and questions raised on the
Debate to refer the matter to a Committee of the St. James's
Vestry.
1.—The ground rent is merged in the chief or rack rent i.e.,
the rent payable by a yearly tenant, and is therefore already
rated, as well as the "building rent," consequently the
rating of ground rents separately from the value of the
building apart from the value of the site will not increase