Sir W. PRESTONasked the Chancellor of the Exchequer whether, seeing that a farmer who has purchased his farm, in making a return of the profits derived therefrom, is not entitled to deduct from 1363W such profits any sum he expended in the making up or repair of fences on his farm, he will, in view of the necessity to the farmers of such fences, consider the desirability of allowing such deductions to be made?
Mr. YOUNGI do not quite appreciate my hon. Friend's difficulty. Under the general principles of the Income Tax Acts a farmer would be allowed to include as an expense in his farming accounts, for the purpose of the computation of his farm profits for Income Tax purposes, sums expended in the upkeep or repair of the fences on his farm, though he would, of course, not be allowed any deduction in respect of expenditure of a capital character, for example, on additions or improvements. If my hon. Friend has in mind any case in which due allowance has not been made in respect of the upkeep or repair of farm fences, I shall be pleased to have the matter looked into if he will furnish me with the necessary particulars.