§ 48. Mr. DAYasked the Chancellor of the Exchequer the number of persons in the latest financial year who availed themselves of the allowance of discount for the prepayment of Income Tax under Schedule D assessments according to Section 159 of the Income Tax Act, 1918; and can he give the gross amount so allowed?
§ Mr. P. SNOWDENThe total amount of discount allowed in the last financial year, ended 31st March, 1929, in respect of prepayment of Income Tax under Schedule D, was £619. I regret that I am unable to state the number of persons who availed themselves of this allowance.
§ Mr. DAYDoes not my right hon. Friend think that if greater publicity were given to this advantage more people might avail themselves of it?
§ Mr. SNOWDENThat is a matter of opinion. I think that the real reason why it is taken advantage of to such a small extent is that it does not pay anybody.
§ 53 and 54. Lieut.-Colonel ACLAND- TROYTEasked the Chancellor of the Exchequer (1) whether he will consider extending the exemption from Income Tax under Section 32 of the Finance Act, 1921, to pension funds which provide pensions for the widows of employés, seeing that the payment of this tax makes it-necessary for these funds to restrict their benefits;
(2) if he can estimate the loss to the Exchequer which would be caused by extending the provisions of Section 32 of the Finance Act, 1921, to those pension funds which provide pensions to the widows of employés?
§ Mr. P. SNOWDENI am afraid that I cannot anticipate the Budget Statement or furnish any estimate at the present stage of the cost of such an alteration of the law.
§ Lieut. - Colonel ACLAND - TROYTEWill the right hon. Gentleman give sympathetic consideration to this matter?
§ Mr. SNOWDENThis is a very old question, and has been raised in previous Debates on Finance Bills during the past four or five years. It is a matter to which I certainly will give consideration.