HC Deb 11 July 1910 vol 19 c28
Mr. GEORGE TERRELL

asked the Chancellor of the Exchequer whether, in view of the fact that approximately £10,174,000 had been received in the financial year 1908–9 as Income Tax under Schedule D from certain public companies, he can estimate and state the amount which would have been received during the same period if the tax had been collected on the dividends which the companies in question actually paid instead of on the profits, as at present levied?

Mr. LLOYD GEORGE

I have not at my disposal the information necessary to enable me to arrive at the estimate required by the hon. Member.

Mr. GEORGE TERRELL

Could the right hon. Gentleman not get information from twenty or thirty of the principal Income Tax paying companies?

Mr. LLOYD GEORGE

I can only get it as a voluntary action on their part.

Mr. GIBSON BOWLES

Is the right hon. Gentleman aware that in the case of insurance companies the practice of levying Income Tax on their dividends causes them to pay a much larger Income Tax than if they paid only on the gains and profits as contemplated by the Income Tax Act of 1342?

Mr. LLOYD GEORGE

I am not quite sure whether that is the case. I will consider it.