HC Deb 22 January 1913 vol 47 c424W
Mr. POLLOCK

asked the Chancellor of the Exchequer whether he can give the figures or indicate the Returns of Income Tax upon which his estimate was based on the 2nd August, 1912 (Hansard's Debates, Vol. xli., column 2623), from which it appeared that the loss to the revenue would be £2,000,000 per annum upon British and foreign minerals if an allowance were made upon the assessment of Income Tax in respect of a deduction of expired capital outlay on inherently wasting assets?

Mr. LLOYD GEORGE

The figure of £2,000,000 was quoted in a discussion on an Amendment moved by the hon. and learned Member, which applied not only to minerals, but generally to "inherently wasting assets." There are not sufficient materials on which to found a precise estimate, but I was informed that it would be unwise to assume that the adoption of the principle embodied in the Amendment would entail a loss of anything less than £2,000,000.