§ 32. Mr. H. Hyndasked the Chancellor of the Exchequer what decision has been reached about the effect of new valuation of properties upon their assessment for Income Tax under Schedule A.
§ The Financial Secretary to the Treasury (Mr. Henry Brooke)I would refer the hon. Member to the answer I gave to the hon. Member for Sowerby (Mr. Houghton) on 30th June.
§ Mr. HyndThat answer was indecisive, Is the Minister aware that property owners in my division, not all of whom, I suspect, are supporters of mine, are very concerned about the possible effect of the new valuation on Income Tax assessments? Is he aware of the necessity to make some statement to ease their minds on this matter?
§ Mr. BrookeI would point out that the new valuations have not yet been published and that there can be no change 1199 in the Schedule A assessments without fresh legislation. Important recommendations relating to the matter were made by the Royal Commission on the Taxation of Profits and Income a few months ago, and these are now under consideration.