§ MR. SCHWANN (Manchester, N.)I beg to ask the Chancellor of the Exchequer in what manner manufacturers are benefited by the provision 53 Vic, c. 8, s. 23, for relief in case of losses, if the question of re-payment of overcharged duties is governed by 28 and 29 Vic, c. 30, s. 6, which is merely an Act to amend Section 133 of 5 and 6 Vic, c. 35; and if Clause 4 of the provision does not abrogate the three years' average in case of loss, how can it be reconciled therewith?
§ MR. GOSCHENUnder the earlier Acts a loss in business assessed under Schedule D could not be set against profit assessed under other 1054 Schedules. The Act of 1890 allows an actual loss under one Schedule to be set against gains under another. Manufacturers are benefited by this provision as much as anyone else. The earlier Acts did not deal with cases of actual loss, but of profits which, fall short of the assessment. They proceed on the basis of a three years' average, and would not be affected in this respect by the provision to which the hon. Member refers in the last part of his question. I would suggest to the hon. Member that he should call at the Inland Revenue Office, where the matter would be thoroughly explained to him in a manner which is not possible in reply to a question.