Dec. 1894.] FARMERS AND THE INCOME TAX. 



1^9 



2. " Annual value " means the "^rack rent at which lands are 

 worth to be let by the year, that is, the yearly rent which a 

 tenant might reasonably be expected, taking one year with 

 another, to pay for the lands, if the tenant undertook to pay all 

 usual tenant's rates and taxes and if the landlord undertook to 

 bear the cost of repairs and the other expenses necessary to 

 maintain the property in a state to command that rent. The 

 Finance Act of 1 894 authorises an allowance from the assessment 

 under Schedule A. oi one-eighth part of the annual value of the 

 lands (inclusive of farm-houses, and other buildings, if any) as 

 determined by the Commissioners of Taxes for the district. 



3. Any person occupying lands for the purpose of liusbandry 

 only msbj elect to be assessed under Schedule D. on the average 

 profits of the three preceding years instead of being assessed 

 under Schedule B. on the yearly rent or value. The election of 

 such person to be assessed under Schedule D. must be signified 

 by notice in writing addressed to the Surveyor of Taxes for the 

 district on or before the 5th of June in each year. In Scotland 

 the time within which notice must be given to the Surveyor is 

 extended to 5 th August. 



4. Meetings of the Commissioners of Taxes are held annually 

 between the 29th of September and the 25th of December for 

 the purpose of hearing appeals under Schedules A. and B. and D. 

 In England and Wales intimation of the dates of these meetings 

 is given by notice afiixed to church and chapel doors, and any 

 person aggrieved by the assessments made upon him may appeal, 

 on giving 10 days' notice of his intention, either to the local 

 assessor or to the district Surveyor of Taxes. In Scotland 

 notice of intention to appeal should be sent to the Surveyor of 

 Taxes for the district within 10 days after receipt of the notice 

 of assessment, and thereafter intimation will be given of the 

 place and date of meeting of the Commissioners. 



5. The Commissioners also hold meetings after the expiration 

 of the year of assessment for the purpose of hearing appeals by 

 persons who have paid income tax in the previous year under 

 Schedules B. or D. on amounts in excess of the actual profits 

 made in that year. 



6. Persons who desire to appeal with a view to obtain repay- 

 ment on the ground of loss or diminution of pro tits must apply 

 to the Surveyor of Taxes within six months from the 5tli of 

 April for information as to the time and place of meeting of the 

 Commissioners. 



7. Persons who have sustained a loss by farming operations 

 may obtain repayment of the tax paid under Schedules B. or D., 

 and also of a proportionate amount of the tax paid in respect of 

 their incomes (if any) derived from sources other than from the 

 occupation of land. 



8. The following printed form of account of profit and loss for 

 the use of farmers has been provided by the Commissioners of 



