MR CHURCHILL’S EARNINGS

Bay of Plenty Beacon, Volume 11, Issue 49, 4 July 1947, Page 6

MR CHURCHILL’S EARNINGS

LITERARY OUTPUT NOT DIMINISHED Although the doctors have curbed much of Mr Churchill’s activity in view of his operation, His literary output is not diminished, states the London Evening News. He is still at work on his personal history of the war; every word he writes will earn the Treasury the best part of a dollar. Mr Churchill will receive £250,000 from an American publisher for serial rights, but his own profit is likely to be not more than £20,000. Income tax and surtax at Is 6d in the £ will account for the rest. British royalties may bring him a further £IO,OOO. A provision in the income tax laws will help Mr Churchill a little. It allows an author who has worked for two or three years on a book to have receipts taken as income for the whole period of writing.

Mr Churchill can claim to have his American earnings treated as income of £83,000 a year for three years, instead of £250,000 for one year. Even then, he will have left only £6OOO of the first £50,000 a year, and only £825 of the remaining £33,000. This represents an income of less than £7OOO a year for three years.