65. Major WOODasked the Chancellor of the Exchequer whether he can state the date in each year up to which it will be open for a farmer to elect to be assessed for Income Tax under Schedule D rather than under Schedule B?
§ Mr. BONAR LAWI would refer my hon. and gallant Friend to the provisions of Section 18 of the Customs and Inland Revenue Act, 1887, from which it will be seen that the election for assessment under Schedule D is required to be notified within two calendar months after the commencement of the year of assessment. My hon. and gallant Friend will remember that the farmer who does not elect for assessment under Schedule D, but remains under Schedule B, if he finds that his actual profits for the you are less than the amount of the assessment, can claim a corresponding reduction of the charge.
§ Mr. G. TERRELLCan a farmer who elects to be assessed under Schedule D be assessed for each year separately or on the basis of the three years average?
§ Mr. BONAR LAWHe will be assessed, if he makes the election, in the same way as other people, on the three years, average.