§ SIR HENRY KIMBER (Wandsworth)
I beg to ask Mr. Chancellor of the Exchequer whether it is proposed to exempt from the payment of income-tax such profits of brewers and publicans and hotel and other companies as are applied as sinking funds to pay off their capital or the mortgages or debentures charged on their property.
§ MR. LLOYD-GEORGE
No, Sir. A company or firm is chargeable to income-tax upon its full profits estimated according to the Rules of the Income-Tax Acts, 278 without reference to the purposes to which such profits may be applied.