§ 86. Sir GEORGE McCRAEasked the Chancellor of the Exchequer whether he will consider the advisability of basing the assessment of Income Tax under Schedule D on the profits of the year of assessment instead of on a three years' average as at present, in view of the fact that the next financial year will afford an opportunity of doing so with the least dislocation to the revenue?
§ Mr. SNOWDENI would refer the hon. Member to the reply which I gave the hon. Member for Guildford on the 21st February. I am sending him a copy of that reply.
§ 94. Sir CHARLES CAYZERasked the Chancellor of the Exchequer whether, in view of the disorganisation of the dairying industry, as a result of foot-and-mouth disease, he will instruct the Inland Revenue Department to allow farmers affected, whatever their previous assessment, the opportunity of free election whether they will be taxed under Schedule B on the basis of rent, or under Schedule D upon profits; whether any 685 difficulties are being thrown in the way of farmers who have hitherto paid under Schedule B paying this year and for the immediate future, should they so desire, under Schedule D; and, if there are no such difficulties, whether he will instruct the Revenue authorities to that effect?
§ Mr. SNOWDENA farmer whose profits fall short of the assessment under Schedule B can have his assessment reduced to the amount of such profits by making a claim to the Inspector of Taxes within one year after the end of the year of assessment. Further, a farmer can elect to be assessed under Schedule D instead of under Schedule B for any year by giving notice to the Inspector before the 5th June. The matter to which the hon. Member refers appears, therefore, to be amply covered by the existing law, and I am not aware of any difficulties in the way of farmers availing themselves of these long-standing and well-known privileges.