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 Income | 500 | 0 | 0 | |
£ | ||||
Allowances— | ||||
Abatement | 100 | |||
Wife | 25 | |||
Three Children | 75 | |||
200 | 0 | 0 | ||
Residue of Income charged to Income Tax at 2s. 3d. in the £ | 300 | 0 | 0 | |
Amount of tax payable | 33 | 15 | 0 |
£ | s. | d. | |||||
1913–14 | … | … | … | … | 3 | 12 | 6 |
1914–15 | … | … | … | … | 4 | 16 | 8 |
1915–16 | … | … | … | … | 45 | 0 | 0 |
1916–17 | … | … | … | … | 62 | 10 | 0 |
1917–18 | … | … | … | … | 62 | 10 | 0 |
1918–19 | … | … | … | … | 187 | 10 | 0 |