§ Mr. SAMUEL ROBERTSasked whether, where an income from investments is about £6,000 a year and for last year the recipient made a business loss of £1,500, he is chargeable for Super-tax?
§ Mr. HOBHOUSEA business loss can only be admitted in calculating the total income from all sources for purposes of the Super-tax to the extent that it has been claimed and allowed in reduction of the Income Tax Liability for the previous year, which forms the basis of charge to the super-tax.