Lanterna Rally

Author: Great Britain Ministry of Agriculture

Publisher: Forgotten Books

Published: 2018-05-03

Total Pages: 134

ISBN-13: 9780365754107

Excerpt from The Journal of the Ministry of Agriculture, Vol. 29: June 1922 IN his Budget Statement made on 1st May in the House of Commons, the Chancellor of the Exchequer proposed an impor tant alteration in the assessment of farmers' profits for Income Tax under Schedule B. Assuming that the Chancellor's proposals become law, the profits for the year 1922-23 will be reckoned as equal to the rent or annual value of the land, instead of twice the value. The position will thus revert to what it was prior to the financial year 1918-19. One effect of this will be that many farmers whose assessed income, under the assessment that has been operative for the last four years, was sufficient to make them liable to Income Tax, will be exempt this year. Furthermore, if a farmer can prove at the end of the year that he has not made a profit equal to the annual value of his land he can claim to pay on the actual profit, or alternatively he can elect to be assessed under Schedule D, that is, on the average of his actual profits for the three previous years. In both these cases, however, the production of accounts will be necessary in order to show what the actual profits were. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.