§ 18. Mr. BARNSTONasked if, in calculating income liable to Super-tax, account will only be taken of the net income from agricultural land subject to Income Tax, Schedule A, after deduction of the amount spent on repairs, management, and insurance?
§ The CHANCELLOR of the EXCHEQUER (Mr. Lloyd George)For the purpose of Super-tax for any year, income from land will continue to be calculated on the basis of the net annual value for the preceding year, as assessable to Income Tax, Schedule A, subject to a deduction of any amount on which Income Tax has been repaid, in respect of the cost of maintenance, repairs, insurance, and management.
§ Mr. BRIDGEMANFor that year or the previous year?
§ Mr. LLOYD GEORGEI should not like to answer that straight off. The hon. Member had better put it down.