§ 52. Mr. LOYDasked the Chancellor of the Exchequer whether his attention has been called to the strain put on persons receiving in the United Kingdom income from profits arising in Allied foreign countries by having to pay Income Tax and Super-tax at war rates in both countries to an amount necessitating resort to capital for the discharge of necessary payments; and whether he will consider the possibility of giving some relief to such persons during the continuance of taxation on a war level?
§ Mr. BONAR LAWI am aware of the double In some Tax problem to which my hon. and learned Friend refers, but under existing conditions I can hold out no hope 1122 of the adoption of any one-sided relief—at the expense of the British Exchequer—such as is suggested by my hon. and learned Friend.
§ Mr. LOYDMight not mutual action be suggested? Does not the pooling of the resources of the Allies involve a mutual husbanding of resources by preventing the joint effect of their war taxation from crippling, and ultimately extinguishing a valuable body of contributors?
§ Mr. BONAR LAWThat is a question which, I think, could well come up in connection with the Finance Bill, but at present I have not been able to look very favourably on any scheme which would diminish the British revenue.