§ Colonel WEDGWOOD
asked the Chancellor of the Exchequer what was the gross yield of Income Tax under each of the Schedules A, B, C, D and E, respectively, and of Income Tax as a whole, for the financial year 1925–26; and what was the net yield of Income Tax as a whole, after deducting allowances and remissions for that financial year?2217W
§ Mr. RONALD McNEILL
The approximate gross receipt of the Income Tax in the year 1925–26 was £299,120,000, and the net receipt in the year was £258,140,000. Under the present system of graduation and differentiation of the Income Tax, with personal allowances, deductions and reliefs related, not to the various sources of income charged under each Schedule, but to the total income of the taxpayer, the total yield cannot be divided between the respective Schedules.
§ Mr. MACQUISTEN
asked the Financial Secretary to the Treasury whether anything has been recovered in respect of the judgment of the House of Lords in the case of the Inland Revenue v. Martin, to whom large quantities of linen were sold and who was sued for Income Tax on profits made in the resale thereof?
§ Mr. McNEILL
My hon. Friend is under a misapprehension in thinking that the case in question has been decided by the House of Lords. A decision on the case has been given by the Court of Appeal, and the period within which notice of appeal to the House of Lords can be given has not yet expired.