§ 53. Sir H. BRITTAIN
asked the Chancellor of the Exchequer whether, in view of the fact that the sovereign to-day is worth only half its pre-war value, he can see his way to raising the total exemption from Income Tax by at least 100 per cent., and thereby and in particular afford relief to that section of the community which is in receipt of small fixed incomes?
As my hon. Friend is doubtless aware, the Royal Commission which was appointed last year to enquire into the Income Tax in all its aspects, is now considering its Report. The limit of exemption, in common with the abatements, relief and other allowances, from the tax, forms part of the larger question of the proper graduation of the Income Tax, and this has necessarily been one of the outstanding matters to which the attention of the Royal Commission has been directed. In these circumstances, further consideration of my hon. Friend's proposal must await the Commission's Report.
The Chairman informs me that he hopes to have the Report issued in time for consideration before this year's Budget.
§ Mr. BILLING
May I ask the right hon. Gentleman, having regard to that class of people with small incomes who suffer so greatly—more than any other class—owing to the fall in the value of the sovereign, whether he has any sympathy with the suggestion in the question?
I am afraid that I must restrain my sympathy in these In 706 come Tax matters until I come to the Budget.