§ 56. Lieut.-Colonel Acland-Troyteasked the Chancellor of the Exchequer the estimated loss to the revenue in Income Tax, Sur-tax and Death Duties which will be incurred through the nationalisation of royalties under Part I of the Coal Bill if it becomes law?
§ Sir J. SimonIt is not anticipated that there will be on the whole any loss of income Tax at the standard rate, or of Death Duties, as a result of the unification of royalties. As regards Sur-tax, my hon, and gallant Friend is aware that the produce of the tax is not earmarked in relation to particular sources of income, and moreover the effect in this respect of unification must depend upon the nature of the investment made by the compen- 846 sated proprietors of the compensation money.
§ Lieut.-Colonel Acland-TroyteIs it possible to reduce a man's income by half without losing any money in Income Tax?
§ Sir J. SimonThe amount paid in compensation under the Coal Bill is a capital sum, and it will be for the receiver to invest the sum as he thinks fit. It may produce him a less return, or it may produce him a larger return.
§ Mr. ThorneWill not the royalty owners when they are paid out invest their money in some other way and then the Exchequer will get it back by way of Income Tax?