EARL of RONALDSHAYasked the Chancellor of the Exchequer if he will consider the advisability of making the Income Tax payable in two instalments instead of in one as at present?
§ Mr. McKENNAIncome Tax assessments cannot be completed in time to enable the collection of duty to commence much earlier than 1st January. Consequently, if the duty were collected in two instalments, payment of one moiety would necessarily be deferred until after the expiration of the financial year, and the yield for the year would be substantially reduced. There are, consequently, grave difficulties in the way of the Noble Lord's suggestion.