§ 53. Mr. MANDERasked the Chancellor of the Exchequer whether he has received a copy of the memorandum by the Federation of British Industries, published in the Press on the 17th instant, which contains a table purporting to show that the yield of the income tax per penny of standard rate has been steadily declining since 1924; and what reply he has sent thereto?
§ Mr. P. SNOWDENA copy of this memorandum was sent to me by the Federation of British Industries and I have had the table to which the hon. Member refers examined. This table puts the produce of the Income Tax for the year 1928 at £220,000,000 with a yield per penny of £4,583,000. The true figures for that year are £233,000,000 and £4,850,000 respectively. Apart from this 245 inaccuracy, however, a comparison of the yield of Income Tax over a series of years cannot properly be made without taking into account the taxation changes which have taken place. There were greater Income Tax allowances in the later years of this table than in the earlier years and if adjustments are made on this account the yield per penny for 1928 is not, as the table states, the lowest of recent years but the highest. The pessimistic inferences contained in the memorandum are therefore unwarranted, and I cannot think that the interests of trade and industry are being served by the dissemination of inaccurate information in this way.
§ Captain CROOKSHANKDoes the right hon. Gentleman think that the interests of trade and industry will be helped by the attitude he has taken up?
§ 59. Mr. LAMBERTasked the Chancellor of the Exchequer if he can give information as to the number of companies formerly domiciled in this country that have in the last 10 years been transferred abroad; and the approximate amount of Income Tax paid by these companies prior to their withdrawal?
§ Mr. P. SNOWDENI would refer the hon. Member to my reply of the 6th February to a question by the hon. Member for Harborough (Earl of Castlestewart) on this subject, of which I am sending him a copy. The hon. Member will find information for years ending 1923–24 in Appendix XVII of the Appendices to the Report of the Colwyn Committee on National Debt and Taxation.