House of Lords, Session 1890, Report from Select Committees (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890 Excerpt: ...the rates which he would have to pay under the Act of Parliament, so that, with regard to him too, the present state of things would substantially reproduce itself. 4910. Will you let me put to you a question that I have put to other witnesses who have been here: Assume the case where the existing rating, we will say, upon a building is 50/., all now paid by the tenant, and either upon the owner of the rack-rent or upon the owner of the ground-rent you shift 25 /. of that rating, and make him pay?-- .25 on to the owner of the rack-rent, and a proportionately smaller sum on to the receiver of the fixed rent, do vou mean? 4911. Yes?--That would be half "the rates. 4912. In the aggregate, whatever the incidence might be between the two owners, you would relieve the occupier of 25 /. of the rates?--Yes. 4913. What would the effect of that be upon the sale value of the leasehold building?--Assuming that that occupation has come to an end, or is still continuing? 1914. Assuming that it is still continuing under those circumstances?--Then I think the sale value of the building would be diminished to the extent of the capitalised value of 25/. a year during the occupation of that occupier; but that when the occupation of that occupier came to an end the receiver of the rack-rent would be enabled to get a rack-rent increased by the amount of rates which he has to pay, and that the selling value of that interest would be restored, except to a verv small amount, 4915. Assuming that the lease has 14 years still to run, what you tell us is this; that in your opinio:: at the end of the 14 years the outgoings of the tenant (whoever he might be) would be the same as they originally were?--They would be re-established on the same footing. He would be relieved of 2...