§ 48. Mr. H. WILLIAMSasked the Chancellor of the Exchequer if he can furnish an estimate of the reduction in Income Tax payable under Schedule B as a result of the rate of the reduction in Income Tax and the modification in the earned income allowance under the Finance Act of 1925?
Mr. Mc NEILLI regret that under the present system of graduation and differentiation of the Income Tax the total yield of the tax cannot be divided between the respective schedules. The information asked for by my hon. Friend is therefore not available.
§ 49. Sir FRANK NELSONasked the Chancellor of the Exchequer the cost per head of the Income Tax and Super-tax paying population of the estimated Budget expenditure for 1927–28?
Mr. Mc NEILLThe number of individuals who pay and bear Income Tax may be taken as about 2,300,000, and the 211 number of Super-tax payers included in this total as 97,000. If the Budget expenditure of £833,390,000 were entirely defrayed by those taxpayers it would be equivalent to £362 per head of Income Tax payers or £8,590 per head of Super-tax payers. But in fact the yield of Income and Super-tax is estimated at £309,000,000, not at £833,000,000.
§ 50. Major BRAITHWAITEasked the Chancellor of the Exchequer the number of farmers assessed for Income Tax; the percentage who actually pay Income Tax; and how many farmers who had previously paid Income Tax did not do so during the last taxable period?
Mr. Mc NEILLI regret that I am unable to give the information required. My hon. and gallant Friend will find the latest particulars of Income Tax, Schedule B, Assessments on Farmers, in the table on page 86 of the 69th Report of the Commissioners of Inland Revenue (Command Paper 2783).