§ 56. Brigadier-General SPEARSasked the Chancellor of the Exchequer whether he is aware that revaluations for Schedule A purposes are being made without regard to local valuations, even when these have been recently made, and that on the whole these valuations are increasing considerably; and whether, as a result, he anticipates an increase in revenue accruing to the Treasury large enough to offset the concessions made in the Finance Bill?
§ Mr. W. S. MORRISONThe annual values of properties for the purposes of assessment to Income Tax under Schedule A are determined under the rules of the Income Tax Acts applicable to Schedule A. The values for rating purposes are determined by numerous separate and independent authorities, and, while those values are naturally taken into consideration in determining the values for Income Tax purposes, they are not binding upon the Income Tax authorities. In any case in which a person assessed to Income Tax under Schedule A is of opinion that the assessment is excessive, he has the right of appeal against that assessment to the General Commissioners of Income Tax. The revaluation of properties for the purposes of Income Tax, Schedule A, for the year 1936–37, has been in progress since April, 1935, and has been undertaken automatically under the provisions of the Finance Act, 1930, which prescribed a quinquiennial revaluation of such properties. I would add that any Income Tax payable in the current year has been taken into account in framing this year's Budget's estimates.