§ MR. FELLOWES (Huntingdonshire, Ramsey)I beg to ask the Chancellor of the Exchequer whether a farmer, having paid Income Tax under Schedule B, should also be called upon to pay a tax under Schedule D on the profits arising from horses bred on and sold off the farm?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN, St. George's,) Hanover SquareThe answer to this question is, No. For Income Tax purposes it is immaterial whether a farmer breeds horses, cattle, or sheep, provided the land will carry the stock placed upon it. If the occupation of land is made subsidiary to the business of dealing in live stock, the assessment under Schedule B will not exhaust the occupier's liability to Income Tax. What the further liability may be is a question of fact to be determined by the District Commissioners.