asked the Minister for Finance whether he can state the approximate amount of income tax realised under Schedule B (Occupation of Land) in any recent year, and the cost of collection; and whether, in view of the depressed state of agriculture, he will consider the advisability of abolishing this tax for five years.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - FARMERS' INCOME TAX.
It is not possible definitely to state the amount of income tax realised under each schedule owing to the fact that the personal allowances, deductions and reliefs are related not to the various sources of income charged under each schedule, but to the total income of the taxpayer. It is considered, however, that the yield from all assessments made under Schedule B in the year 1927-28 will not exceed £80,000.
With regard to the last portion of the question, it must be borne in mind that any farmer who is not making profits need not pay any tax under Schedule B, and that no farmer need pay on anything more than the profits which he actually makes. The proposition that a farmer who is making profits of such an amount that he has a taxable income should not pay income tax on such income involves the introduction of a completely new principle into our fiscal legislation. I do not think it could be considered except in conjunction with a general review of the whole income tax code, and then only if a strong prima facie case were made for it.