§ 49. Colonel WOODCOCK
asked the Chancellor of the Exchequer if he has considered the reduction of the 13 different bases of assessment in force for Income Tax purposes, which make the compilation of Super-tax returns so complicated as generally to require professional assistance, at considerable additional expense to the taxpayer?
§ Mr. CHURCHILL
I would remind my hon. and gallant Friend that the object which he has in view will be largely achieved by Part IV of the Finance Act, 1926, which comes into operation next year. Under this Act there is, generally speaking, one uniform basis—the income or profits of the preceding year—for the assessment of Income Tax under Schedule D, which at the same time is enlarged to include various sources of income, e.g., the profits of mines and 554 docks, which have hitherto been assessable under Schedule A on varying bases.
§ Colonel WOODCOCK
Is the Chancellor of the Exchequer aware that the complication of the forms in connection with this tax is so great that one of his own predecessors could not fill them up, and was consequently very much overcharged?