The Chancellor digressed from his main topic to foreshadow legislation
against the hard-pressed landowners who have transferred their estates to limited companies. He announced also that land and house property would be reassessed for Schedule A of the Income-tax by next year. He would, how. ever, give much-needed relief to farmers by assessing their incomes at the annual value of their farms, instead of, as now, at twice the value. Land that was not tilled and yielded nothing would be assessed at one-third of the annual value. The Treasury would thus lose £1,100,900.this year and £2,350,000 in a full year. The allowances for, repairs in the case ofAnsall houses would be increased. Charitable legaciesavould be exempted from Income-tax. The payment of arrears of Excess Profits Duty would be spread over five years, with interest at 5 per cent.
