HC Deb 18 April 1932 vol 264 cc1250-1
59. Mr. POTTER

asked the Chancellor of the Exchequer whether, in view of the hardship caused to certain Surtax payers by the assessment to Income Tax of profits made in the year prior to the financial crisis on which liability for Surtax arises in the following year in which a loss may have occurred, he will be prepared to make provision in the forthcoming Finance Act empowering the Special Commissioners of Income Tax to grant relief in specific cases?


As my hon. Friend is no doubt aware, there are various provisions of the Income Tax Acts designed to afford an appropriate measure of relief by reference to trading losses sustained in or before the year of assessment. Where under these provisions a. Surtax payer is given relief in respect of Income Tax at the standard rate for any year of assessment, relief in respect of Surtax for that year automatically follows. My right hon. Friend oculd not see his way to introduce legislation providing for a remission of tax charged for any year by reference to a loss sustained after that year. Under the established practice individual cases of proved inability to pay at the due date would always receive consideration administratively with a view to such arrangements being made for deferment of payment or for payment by instalments, as the particular circumstances might require.