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Income Tax

Volume 105: debated on Monday 6 May 1918

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asked the Chancellor of the Exchequer what will be the detail and total amounts of assessment for Income Tax under the new financial proposals for a tenant farmer with a wife and three children, paying £500 a year for rent, assuming that he returns his profits at £500 under Schedule D and that he has no other sources of income; and will he state the detail and total amounts, assuming that he has no other sources of income, which an owner, with a wife and three children, agricultural land of the rental value of £500 a year was assessed for Income Tax under Schedule B by the Finance Acts, 1913, 1914, 1915, 1916, and 1917; and also at what he will be assessed by the new financial proposals?

The proposed taxation in the first-mentioned case is as follows:

£s.d.
Total Income50000
£
Allowances—
Abatement100
Wife25
Three Children75
20000
Residue of Income charged to Income Tax at 2s. 3d. in the £30000
Amount of tax payable33150
In the last-mentioned case, the owner will, of course, only be liable under Schedule B if he also occupies the land. His liability in that case would be as follows under Schedule B:

£s.d.
1913–143126
1914–154168
1915–164500
1916–1762100
1917–1862100
1918–19187100
For the details I would refer the hon. Member to my reply of the 1st inst. to his question regarding the liability under Schedule A and Schedule B of a taxpayer of the same means and circumstances.