Income Tax (Farmers)

HC Deb 02 March 1948 vol 448 cc51-2W

65. Mr. Raikes

asked the Financial Secretary to the Treasury whether in the event of a farmer electing to be assessed under the Herd Basis for 1947–48 the Inland Revenue authorities will be prepared to accept, if required, the closing valuations of the accounts for the accounting year prior to April, 1947, as the initial cost figures.

Mr. Glenvil Hall

I am not clear as to the type of case the hon. Member has in mind but if he will send me particulars I will look into the matter.

66. Mr. Raikes

asked the Financial Secretary to the Treasury whether he is aware of the uncertainty caused to farmers by the Tenth Schedule to the Finance Act, 1947, and whether he will give an assurance that investigations following the passing of the said Schedule will not give rise to reopening of tax computations for fiscal years prior to 1947–48.

Mr. Glenvil Hall

The provisions of the Tenth Schedule to the Finance Act, 1947, do not apply in relation to Income Tax assessments for years before 1947–48, but I cannot give an assurance that tax computations for earlier years will not be reopened in any case where the facts require it.