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Income Tax

Volume 154: debated on Monday 22 May 1922

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asked the Chancellor of the Exchequer whether breeders or pedigree stock, who may make large profits out of the sale of young stock amounting to thousands of pounds in a year, will be assessed for Income Tax, if his new proposals are carried, on their yearly rental, which may only be a few hundred pounds?

The question of the basis of assessment to Income Tax of breeders of pedigree stock is one which falls to be determined by the local Income Tax Commissioners by reference to the relevant facts of each individual case. Broadly speaking, if the occupation of land is merely subsidiary to the business of raising and dealing in live stock, the assessment to Income Tax under Schedule B would not necessarily exhaust the occupier's liability to Income Tax.

asked the Prime Minister what amounts were received during the financial years ending 31st March, 1914, 1920, 1921, and 1922, respectively, in Income Tax from owners and occupiers of agricultural land?

Information as regards agricultural land alone is not available. The approximate net receipt of Income Tax from all lands, houses, etc., was as follows:

Year.Net Receipt (United Kingdom).
Schedule A.Schedule B.
1921–22 (provisional)43,000,0006,750,000
* Revised amount substituted for the approximate figure published in the Finance Accounts for 1013–14.