§ Mr. A. M. SAMUELasked the Chancellor of the Exchequer if he will make a provision in respect to Income Tax assessments under Schedule A that house owners be granted an abatement representing the actual loss incurred by the depreciation of the value of such property?
§ Mr. SNOWDENIt is a governing principle of the Income Tax Acts that no deduction or abatement can be allowed in respect of a loss of capital. But in so far as the depreciation of property is reflected by a fall in its annual value, and this is the case which the hon. Member presumably has in mind, provision is already made by Section 26 of the Finance Act, 1923, which gives a statutory right to an owner or tenant to appeal against an assessment to Income Tax under Schedule A for any year, other than a year of reassessment, if he considers that the annual value of the property for that year is less than the value adopted for the purposes of assessment.