HC Deb 26 March 1923 vol 162 cc55-6W

asked the Chancellor of the Exchequer whether, in the present re-assessment of houses by the Inland Revenue, the increase of 40 per cent. applies to houses which are in the occupation of owners?


The authorities vested by law with the determination of annual values of property for Income Tax purposes are the various bodies of General Commissioners of Income Tax throughout the country. The annual value of property in the occupation of the owner is defined by the Income Tax Acts to be the rack rent at which the property is worth to be let by the year. In considering the annual values of such properties for the purpose of the revaluation which is now proceeding, due regard is being given to the general effect created by the restrictions imposed by the Rent Restrictions Act, 1920. The increase of 40 per cent. to which my hon. Friend refers, is being applied only where it is fully justified by the local conditions, e.g., by the rents paid for similar properties in the same neighbourhood.


asked the Chancellor of the Exchequer the amount of Income Tax returned to occupiers of agricultural land under Schedules B and D during the current financial year?


I regret that statistics of Income Tax are not collected in sufficient detail to furnish the information desired by my hon. Friend.

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