THE JOURNAL 



OF THE 



MINISTRY OF AGRICULTURE 



Vol. XXIX. No. 3. 



JUNE, 1922. 



NOTES FOR THE MONTH. 



In his Budget Statement made on 1st May in the House of 

 Commons, the Chancellor of the Exchequer proposed an impor- 

 Farmers' * an * a ^ era ** on m * ne assessment of farm irs' 

 Income Tax P ron ^ s f° r 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. 



In their exhaustive review of the Trade Board system the 

 Committee appointed by the Minister of Labour have examined 



^ . nil at some lenerth the fundamental reasons 

 Report of the , , . ,° . . , , .... 

 Committee on underlying the principle oi a legal mini- 

 Trade Boards mum ra * e °^ wa 8 es - Although the Com- 

 mittee consider that the State is entitled 

 to take action to prevent the unfair oppression of individual 

 workers, they are of opinion that it is impossible for a State- 

 appointed body to regulate wages throughout an industry without 

 causing a certain amount of injury both to employers and 

 (43198) P.14/36. 11,000. 6/22. M. & S A 



