§ 39. Mr. Ralph Howellasked the Chancellor of the Exchequer, in the light of the Budget Statement, if he will institute an inquiry into how a wealth tax would apply to the agricultural community with special reference to owner-occupiers who in paper terms are wealthy while owning a very small farm.
§ Dr. GilbertThe Green Paper which is to be published in the summer will provide a basis for the discussion of such questions.
§ 40. Mr. Charles Morrisonasked the Chancellor of the Exchequer if he will clarify the position on farmers' overdrafts, in the light of his Budget Statement.
§ Dr. GilbertInterest on an overdraft which is incurred wholly and exclusively for the purposes of a farm business will248W continue to be deductible as an expense for tax purposes.
§ Mr. Peter Millsasked the Chancellor of the Exchequer what is his estimate of the cost of the Budget proposals to the farmers of the South-West region of England.
§ Dr. GilbertThe increases in existing taxes and national insurance contributions announced in the Budget will affect farmers in much the same way as other sections of the community. The effects on farmers of the proposed new taxes on wealth and capital cannot be assessed until detailed proposals have been published.