Sir W. ALLENasked the Chancellor of the Exchequer if he is aware that the personal allowance for Income Tax purposes on small incomes was £160 at one time and that that amount was cut to £100; and what the loss would be to the Exchequer if this cut of £60 was restored by one-half, thereby increasing the allowance to £130?
§ Mr. HORE-BELISHAThe main personal allowances now given as part of the graduation of the Income Tax are not confined to small incomes, but are given to all taxpayers, and the amount of personal allowance depends upon the family responsibilities of the taxpayer concerned. Prior to 1920 the graduation of the Income Tax was effected by means of differential rates and abatements for small incomes, and it is not possible to
Reserves of Beet Sugar Factory Companies as at 31st March, 1933. Company. General Reserve. Capital and Special Reserve. Total. £ £ £ 1. English Beet Sugar Corporation, Ltd. … 409,399 37,120 446,519. 2. Home Grown Sugar, Ltd. … 27,809 43,793 71,602 3. Ely Beet Sugar Factory, Ltd. … 233,902 30,000 263,902 4. Ipswich Beet Sugar Factory, Ltd. … 135,688 22,500 158,188 5. King's Lynn Beet Sugar Factory, Ltd. … 26,847 — 26,847 6. Anglo-Scottish Beet Sugar Corporation, Ltd. … — 40,255* 40,255 7. West Midland Sugar Company, Ltd. … 50,000 12,423 62,423 8. Second Anglo-Scottish Beet Sugar Corporation, Ltd. — 29,890 29,890 9. Lincolnshire Sugar Company, Ltd. … … 10,000 49,694 59,694 10. Second Lincolnshire Sugar Company, Ltd. … — 11,080 11,080 11. United Sugar Company, Ltd. … 100,000 17,783 117,783 12. Central Sugar Company, Ltd. … 50,000 — 50,000 13. Yorkshire Sugar Company, Ltd. … — 18,358 18,358 14. Shropshire Beet Sugar Company, Ltd. … — 18,532 18,532 15. British Sugar Manufacturers, Ltd. … — — — Total … £1,043,645 £331,428† £l,375,073† * Also £90,855, provision for balance of loss in Subsidiary Company. † Includes £165,815 advances under the British Sugar Industry (Assistance) Act, 1931.
Viscountess ASTORasked the Chancellor of the Exchequer (1) the approximate total amount of the capital which has been subscribed and invested in the beet sugar factories; and the approximate amount invested in each separate company or undertaking operating beet sugar factories;
164Wgive any figure of cost by relation to the old system of abatements. I would, however, refer my hon. and gallant Friend to the answer given to the hon. Member for East Fulham (Mr. Wilmot), on 24th April, regarding the cost of restoring the personal allowances to the level obtaining before the second Budget of 1931.