§ 31. Mr. H. WILLIAMSasked the Chancellor of the Exchequer the number of persons entirely relieved from the payment of Income Tax through the increase in the earned income allowance provided in the Finance Act, 1925?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Ronald McNeill)It is estimated that, as a result of the increase in the earned income allowance and the relief accorded to persons over 65 years of age whose total income does not exceed £500 per annum, approximately 300,000 persons were entirely relieved from payment of Income Tax for 1925–26 who would otherwise have paid and borne tax for that year. It is not possible to divide this figure between the two reliefs but much the greater part of it is attributable to the increase of the earned income allowance.
§ 32. Mr. WILLIAMSalso asked the Chancellor of the. Exchequer if he can state the number of persons over 65 years of age with unearned incomes of less than £500 a year who have obtained reductions in their Income Tax assessments through the provisions of the Finance Act, 1925?
§ Mr. McNEILLI regret that this information is not available.
§ 33. Sir MARTIN CONWAYasked the Chancellor of the Exchequer what was the total sum levied as Income Tax, Schedule D, on the profits of universities and public schools in the last financial year; and how much is estimated to be yielded under the same head by universities and public schools in the current financial year?
§ Mr. McNEILLI regret that I am unable to furnish this information, as the statistics collected in regard to the charge of Income Tax on profits do not distinguish the profit s made by schools and colleges.