Oral Answers to Questions — Post Office. – in the House of Commons at on 24 July 1923.
Lieut-Colonel Charles Ainsworth
, Bury
asked the Chancellor of the exchequer whether, seeing that the power given under The Finance Act, 1923, to Income Tax authorities to demand accounts and revise taxation for any six years past instead of for three years will in certain cases prevent trustees closing estates for six years, he will consider the advisability of withdrawing this new power from the Income Tax authorities, which is provoking the resentment of the trading communities?
Mr William Joynson-Hicks
, Twickenham
I would invite my hon. and gallant Friend's attention to Sub-section. (3) of Section 29 of the Finance Act, 1923, which provides that the period within which assessments may be made on executors and administrators in respect of the income of a deceased person shall not extend beyond the end of the third year next following the year of assessment in which the deceased person died.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
