§ Mr. GEORGE TERRELLasked 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 GEORGEI have not at my disposal the information necessary to enable me to arrive at the estimate required by the hon. Member.
§ Mr. GEORGE TERRELLCould the right hon. Gentleman not get information from twenty or thirty of the principal Income Tax paying companies?
§ Mr. LLOYD GEORGEI can only get it as a voluntary action on their part.
§ Mr. GIBSON BOWLESIs 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 GEORGEI am not quite sure whether that is the case. I will consider it.