§ Captain TERRELL
asked the Financial Secretary to the Treasury whether he will consider the desirability, in view of the fact that the majority of farmers 1160W make up their accounts to Michaelmas in each year, of permitting them to make their claims under Schedule D during an extended period of four months after the commencement of the year of assessment instead of the present period of two months?
The difficulty suggested by the hon. and gallant Member does not, I think, exist. A farmer, who elects to be charged to Income Tax under Schedule D for any year, is assessed upon the average of the three preceding years, which in the case of a farmer making up his accounts to Michaelmas, would be the three years ending at the Michaelmas preceding the commencement of the year of assessment.