§ 57. Mr. Stokesasked the Chancellor of the Exchequer whether he is aware that the Bank of England assesses its own profits for Income Tax; and whether he will take such steps as may be necessary to have them assessed by an independent authority?
§ Sir K. WoodI would refer the hon. Member to Section 68 of the Income Tax Act, 1918. Though the assessments are made by the Commissioners named in Section 68, the actual computation of liability is subject to examination and check by the officers of the Board of Inland Revenue.
§ Mr. Glenvil HallHow can they make an assessment if they do not issue a balance sheet?
§ Sir K. WoodThat is another matter.