HC Deb 28 November 1928 vol 223 cc432-3W

asked the Chancellor of the Exchequer the approximate amount the Treasury will gain under Income Tax Schedules A and D in consequence of the Government's de-rating proposals, on account of the increase in assessment of property now taking place in all parts of the country?


I assume that "by the increase in the assessment of property now taking place," the hon. Member is referring to the revaluation which is being made in England and Wales (outside the Metropolis) under the Rating and Valuation Act, 1925. That revaluation is made solely for rating purposes and does not affect the existing valuations for Income Tax, Schedule A. These were made in 1923 upon a separate and independent valuation which has since been continued in force by the Finance Act of each year. For the rest, I would refer the hon. Member to the Budget statement as to the estimated extent to which the de-rating proposals will lead to increased profits and so to a higher yield of Income Tax, Schedule D.