HC Deb 23 March 1932 vol 263 cc1043-4
48. Mr. H. WILLIAMS

(for Mr. HANNON) asked the Chancellor of the Exchequer if he has now considered the question of allowances in the case of directors' fees which have been voluntarily reduced owing to the economic situation during the past year; and if he will provide that assessments be not made in such cases for the full amount?

Major ELLIOT

I assume that my hon. Friend refers to cases in which directors agree to a reduction of their fees for a part or the whole of the year 1931–32, ending 5th April, 1932. In such cases the reduction will be taken into account for Income Tax purposes. Owing to the operation of the preceding year basis, the reduced figures will of course form the basis of assessment not for the year in which the reduction takes place but for the following year.