HC Deb 07 July 1926 vol 197 c2081W

asked the Chancellor of the Exchequer the profits derived from farming for the last three complete years; the aggregate amount on which farmers have been assessed to Income Tax and on what basis; and how many farmers have within the same period elected to be assessed under Schedule D?


The assessment to Income Tax of farming profits under the rules of Schedule B is made on a conventional basis which, since the year 1922–23, has assumed the profits to be equal to the annual value of the lands occupied. The latest statistics of the gross and actual income so assessed will be found in the tables on page 83 of the 68th Report of the Commissioners of Inland Revenue (Command Paper No. 2547). The figures there shown include the profits of nurseries and market gardens, which are computed according to the rules of Schedule D, and also a certain amount in respect of amenity lands, etc., which are assessed on the statutory basis of one-third of the annual value of such lands. The statistics collected regarding the Income Tax do not show the numbers of farmers who have elected to be assessed under Schedule D or the amount of farming profits assessed under that Schedule.

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