§ SIR EDWARD BIRKBECK (Norfolk, E.)asked Mr. Chancellor of the Exchequer, Whether, taking into consideration the fact that, in the case of income derived from investments in Railway Stocks, trades, &c, Income Tax is only levied on the net profits, he will for the future place real property on the same basis, and make an allowance for the cost of repairs, insurance, and collection?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)I am afraid that this subject is much too large to be dealt with within the limits of an answer to a Question, over the Table. It opens up the whole subject of what should be the relative incidence of taxation, Imperial and local, on real and personal pro- 564 perty; and it would be impossible for me to compress into a few lines the many arguments for and against the present basis of assessment.