92. Mr. CHANCELLORasked the Chancellor of the Exchequer whether the revenues from the invested funds of insurance companies are exempt from Income Tax, either on property under Schedule A or on interest and dividends under Schedules C and D; and, if so, whether he will consider favourably, as a means of reducing the heavy burdens on other taxpayers, the bringing under contribution of the incomes of insurance companies?
§ Mr. LLOYD GEORGENo distinction as regards Income Tax is made between the investments of insurance companies and those of other companies or persons; the second part of the question does not therefore arise.
103. Mr. F. HALL (Dulwich)asked whether a person having an income of £200 a year and four children or more will receive, under the new Budget propositions, a rebate of £1 10s.; and whether a person with £300 a year and four children will receive a reduction of £3?
§ Mr. LLOYD GEORGEIn the circumstances mentioned in the first part of the hon. Member's question, no tax at all would be payable, seeing that the abatements exceed the total income; while in the second case, apart from the ordinary abatement of £160, the taxpayer would be 702 entitled to relief from tax in respect of his four children to an amount equal to the tax on £80.
Mr. F. HALLAs the Government have admitted that a man with £300 salary should get a rebate of £3, will they consider the question of taking steps to see that the man with £200 salary shall get the same amount of relief?
§ Mr. LLOYD GEORGEI do not think that I can recognise minus values.
§ 95. Mr. LEACHasked to what extent the following classes will benefit by the proposals of the Budget: tenant farmers, smallholders, agricultural labourers, and shop-keepers in agricultural districts?
§ Mr. HERBERT SAMUELThe circumstances differ so greatly in individual cases that it is not practicable to furnish such an estimate.
§ 105. Mr. WILLIAM THORNEasked what was the gross assessment to incomes for the financial year 1903–4 and for the financial year 1913–14?
§ Mr. LLOYD GEORGEThe gross income brought under review for Income Tax purposes was £902,758,585 for 1903–4 and approximately £1,150,000,000 for 1913–14.