§ Dr. Littleasked the Chancellor of the Exchequer whether the Northern Ireland farmer, whose annuity payable under the Land Purchase Acts is less than £100, will have the said annuity made the basis for his Income Tax assessment under Schedule B?
§ Sir K. WoodThe question whether farming is assessable under Schedule D or Schedule B depends on whether or not the annual value of the land as determined for the purpose of Schedule A exceeds £100. In Northern Ireland the annual value for this purpose is the amount of the poor rate valuation. Where the £100 limit is not exceeded and the liability is accordingly under Schedule B, the amount of the Schedule B assessment will be three times the annual value as determined for Schedule A or in cases in which a purchase annuity smaller than the Schedule A annual value is payable under the Land Purchase Acts, three times that annuity.