§ The FINANCIAL SECRETARY to the TREASURY (Mr. Arthur Michael Samuel)
The statistics collected in respect of the Income Tax Schedule A which is charged on income arising from the ownership of lands and buildings do not distinguish agricultural land. The only information available is the Income Tax, Schedule A assessment on all lands, whether used for agricultural purposes or not, and the hon. Member will find this information in the Tables of the Annual Reports of the Commissioners of Inland Revenue devoted to the Income Tax, Schedule A.
§ Mr. SAMUEL
Profits derived from the occupation of land in question are generally assessed to Income Tax under Schedule B of the Income Tax Acts on 1504 a conventional basis that is related to the annual value of the land. For 1913–14 the profits were assumed to be one-third of the annual value; for 1925–26 they were assumed to be equal to the annual value. The hon. Member will find particulars of the Schedule B assessments for 1913–14 in Table 105 of the 58th Report of the Commissioners of Inland Revenue (Command Paper No. 8116) and for 1925–26 (the last year for which figures are available) in Table 53 of the 70th Report of the Commissioners (Command Paper No. 2989). As an alternative to assessment under Schedule B, a person occupying lands for the purpose of husbandry only may elect to be assessed under Schedule D by reference to his actual profits in the same way as a trader is assessed in respect of profits arising from a trade. Statistics of Schedule D assessments so made upon farmers have not been collected since 1919–20. The particulars for that year and previous years are contained in the 64th Report of the Commissioners of Inland Revenue (Command Paper No. 1436).