§ Mr. REESasked the Chancellor of the Exchequer whether the new super-tax on incomes above £5,000 is intended to apply to life insurance companies; and, if so, whether, in view of the resulting encroachment on the bonus allowed to participating policy holders, he will consider whether an exception can be made in favour of such companies?
§ Mr. LANE-FOXasked whether a company making over £5,000 a year will pay super-tax under the Budget proposals; whether the shareholders, not being themselves individually liable to pay super-tax, will be entitled to recover their proportion of the super-tax paid; and, if so, whether any estimate has been arrived at of the approximate number of persons whose claims will have to be dealt with?
Captain FABERasked whether the super-tax on incomes over £5,000 a year will be chargeable upon the profits of joint stock companies earning more than that sum?
§ Earl PERCYasked whether it is proposed that the super-tax of 6d. on incomes exceeding £5,000 should be charged upon the profits of joint stock companies?
The noble lord further asked whether it is proposed that the super-tax of 6d. on incomes exceeding £5,000 should be charged upon the interest derived from the reserve funds of joint stock societies?
§ Mr. LLOYD-GEORGEI think hon. Members will find, on reference to my 1042 speech on the 29th ultimo, that I made it clear that the super-tax on incomes in excess of £5,000 is intended to apply only to the incomes of individuals, and not to those of insurance companies or other joint stock companies.
Mr. PIKE PEASEWill all persons make a statement of their income or will, they be allowed to state that their income does not exceed £5,000?
§ Mr. LLOYD-GEORGEIf they are called upon to make a declaration they must make a declaration of the whole of their income.