§ MR. FIELD
I beg to ask Mr. Chancellor of the Exchequer whether he will make inquiry and consider the advisability of simplifying the form of income tax returns to be filled by traders, and of modifying the present practice of calculating future hypothetical profits as a basis of income tax assessments.
§ *MR. RITCHIE
I shall be glad to consider any practical suggestions on this point, but the present Form has been very carefully revised within the last two years, and I doubt if it is possible to simplify it further than has already been done. An explanatory Memorandum is now issued with it, which I hope may be an aid to the reading and the understanding of the Form. If the hon. Member would look at this Memorandum he would see that traders are not required to make a calculation of future hypothetical profits, but are directed to base their return on their ascertained profits for the three years immediately preceding the year of assessment.