§ But, Sir, what the Committee wants to know is, how much is coming off? Some people are prophesying that it is going to be a penny. [An HON. MMEMBER: "No, no."] My hon. friend says "No." Will he take 2d? [Cries of "No."] Would he like 3d? [Hear, hear.] Well, I propose to take off 4d. Apparently, fourpence off the Income Tax nearly absorbs the whole of my surplus, but that is not the case. A reduction is never wholly felt in the year in which it is made. I am told that the amount by which my income will be reduced by this remission in the current year is not £10,400,000, but £8,500,000. Fortunately I have a set-off in certain non-recurrent charges in the Army Votes which will provide me with sufficient funds to meet the extra deficiency which will fall upon next year. The whole amount comes to £10,100,000, and this year £8,500,000, so that there will be about £2,000,000 remaining.
§ SIR WILLIAM HARCOURT (Monmouthshire, W.)Then it will be £10,000,000 next year?
§ MR. RITCHIETaking off 4d. costs £8,500,000 this year, and nearly £2,000,000 more next year.