§ Mr. HOLMESasked the Chancellor of the Exchequer if the Board of Inland Revenue, in the case of a company which makes up its accounts half-yearly to 30th June and 31st December, respectively, is interpreting Section 54 of the Finance Act, 1920, as meaning that the first accounting period of such company for Corporation Profits Tax is a period of 12 months ending 30th June, 1920, and that Corporation Profits Tax must be paid upon half of the profits for that
1102Wceives in the form of Easter offerings. The Royal Commission on the Income Tax had under consideration the question of relief from taxation in respect of Easter offerings, but were unable to recommend any concession in the matter. On the contrary, the Royal Commission were clearly of opinion that any attempt to measure taxable capacity by a system based otherwise than upon the amount of the income would cause great injustice as between one taxpayer and another, and would lead to indefensible results.
Mr. A. T. DAVIESasked the Chancellor of the Exchequer the total income brought under review for Income Tax purposes in England and Wales in the years 1920 and 1921?
Mr. YOUNGThe income assessed in England and Wales for Income Tax purposes was as follows:
period; and why the first assessment is not made upon the profits for the 12 months ending 31st December, 1920?
Mr. YOUNGIf the hon. Member will furnish me with the name and address of any particular company which he has in mind, I will cause inquiry to be made.