§ MR. A. BILLSON (Halifax)I beg to ask Mr. Chancellor of the Exchequer what is the practice of the Commissioners in regard to the assessment of income tax on fines paid on the renewal of leases; and if he can give the number of owners who have been allowed exemption from income tax upon fines by satisfying the Commissioners, in accordance with Section 60 of the Income Tax Act,. 1842, that the fines have been applied as productive capital, and the amount of such exemptions during the last five years?
§ THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH,) Bristol, W.The practice in regard to the assessment of income tax on fines paid on the renewal of leases is in accordance with the Act 5 and 6 Vic, cap. 35, section 60, No. II., rule 5. It is there enacted that such fines are to be assessed on the amount received within the year, preceding, provided that if the party chargeable proves to the satisfaction of the District Commissioners that such fines, or any part of them, have been applied as productive capital, on which a profit has arisen, or will arise, otherwise chargeable under the Act for the year of assessment, the Commissioners may discharge from assessment the amount so applied. I have no figures to show the number of persons who obtained relief under this proviso, or the amount so discharged from assessment.