INCOME TAX.

Dominion, Volume 3, Issue 833, 3 June 1910, Page 5

INCOME TAX.

»- COLLECTION OF THE ARREARS IN BRITAIN. By Teleeraph—Press Association-Copyright. London, June 1. Arrears of income tax collected during May amounted to Ji11,000,000. THE TOTAL ARREARS. Owing to tho non-passing of the 190910 Budget (including the income tax resolution) till April, 1910, the Treasury received in income tax during 1909-10 only .£13,295,000, leaving arrears amounting to .£23,455,000, which the Chancellor of tho Exchequer, (Mr. Lloyd-George) hoped to collect, now- that the Budget is passed. Tho above cablegram shows that i 11,000,000 of it came to hand in May. The rates of tho new tax are:— Rate per pound. : s. d. Unearned income (dividends) 1 2 Earned iricomo up to .£2OOO 0 9 Earned income, .£2OOO-.£3000 1 0 All income over <£3000 1 2 All income over .£SOOO, super-tax on every pound over .£3OOO 0 6 The usual abatements apply to residents in the United Kingdom up to £700 and an extra abatement of ,£lO is allowed for every child undef sixteen from incomes under .£SOO. The Chancellor of the Exchequer claims that, had tho Budget been passed, there would liavo been, instead of a deficit of .£20,218,000, a surplus of £2,063,000; and lie further claimed credit in addition for tho following extra sums (hud the Budget been patssed);— . •£ Income tax not now recoverable... 350,000 Stamps Goo,oooi Interest saved 350,000 Total i 1,300,000