§ 40. Mr. MAITLAND forasked the Chancellor of the Exchequer whether he proposes to notify farmers, and, if so, how, of the conditions under which they can secure Income Tax abatement in respect of wear and tear to agricultural machinery?
§ Major ELLIOTThe steps to be taken to claim this allowance are clearly indicated in the appropriate Income Tax forms, and the matter is fully explained in a Leaflet (A718/L.H.) "Farmers and the Income Tax," issued by the Ministry of Agriculture and Fisheries in January, 1931. I would add that the provisions of Rule 6 of Cases I and II of Schedule D of the Income Tax Act, 1918, allowing a deduction in respect of the wear and tear of machinery and plant, extend of course to farmers charged with Income Tax by reference to their actual profits and not by reference to the annual value of the lands occupied.