Income Tax Assessments.

HC Deb 15 May 1911 vol 25 cc1785-7W

Mr. PATRICK WHITE

asked the Secretary to the Treasury whether he will state

the net assessments upon which Income Tax was levied under each of the Schedules C and D for the year 1908–9 and the year 1909–10 in Great Britain and Ireland, respectively?

Mr. HOBHOUSE

The net income (corresponding to the net produce of Income Tax) for the year 1908–9 was:—

		Schedule C.		Schedule D,
		£		£
Great Britain	…	41,665,955	…	416,132,312
Ireland	…	527,531	…	11,330,927

The figures for the year 100940'11re not yet available.

Mr. TOUCHE

asked the Chancellor of the Exchequer whether he is aware that, owing to the operation of the Finance Act, 1907, repealing Section 133 of the Income Tax Act of 1842, under which, when the net profits of a particular year fell short of the assessment of the three preceding years, a rebate could be obtained, the shareholders of the Golden Horse Shoe Estates Company, Limited, are compelled to pay tax at the rate of 3s. 4d. in the pound, instead of 1s. 2d.; whether such consequences in the case of a business with declining profits were foreseen by him at the time of the repeal; and, if he will favourably consider the introduction of a modification in the law to deal with the position so created?

Mr. LLOYD GEORGE

Section 133 of the Income Tax Act, 1842, was repealed on the recommendation of the Ritchie Committee on Income Tax (1904), and I do not consider that any alteration of the law is necessary.