§ Mr. HENRY WALKERasked whether persons whose salaries vary from year to year are entitled to take advantage of the three years' average in estimating their liability to the payment of Income Tax?
§ Mr. HOBHOUSEIf the assessments referred to are made under Schedule D of the Income Tax Acts they are made on the average system. If made under Schedule E the salaries are legally assessable on the amount received during the year, but in practice the District Commissioners of Taxes allow the average to clerks and others employed in a subordinate capacity in limited liability companies.
§ Sir JOHN ROLLESTONasked the Chancellor of the Exchequer whether, in the event of a trader or professional man earning over £4,000 a year in addition to an income from investments of £1,000 in the Income Tax year 1908–9, and having to retire through ill-health at the end of that year when the earned income entirely ceased, he would be liable for Super-tax in the year 1909–10?
§ Mr. LLOYD GEORGEYes, Sir.