§ MR. BROOKFIELD (Sussex, Rye)
I beg to ask the Chancellor of the Exchequer whether it is the ease that an owner and occupier of land can be charged Income Tax under Schedules A and B, when the only profit he derives consists in the enhanced value of his live stock; and whether increased value of live stock is held to constitute "profit" before such value has been realised?
§ MR. JACKSON
Yes, Sir; the owner and occupier of land may, under certain circumstances, be charged Income Tax under Schedules A and B, when the only profit he derives consists in the enhanced value of his live stock before such value is realised. If, for instance, an occupier were to hold over lambs or other stock produced in the year, the increased value of his stock must be brought into the profit and loss account. The question whether such increased value constitutes profit or not is for the District Commissioners.