BRITISH INCOME'S

Hokitika Guardian, 29 July 1926, Page 1

BRITISH INCOME'S

SUPER-TAX PAYERS DECREASES. BOX DON, June 10. There were eighty-two fewer persons with incomes of .-£IOO,OOO a year in 1925 as compared with 1923. Payers of super-tax decreased by 1000.' . These are interesting facts which are disclosed in the report of the Inland Revenue Commissioners issued yesterday. The report also shows that nearly ias many persons arc entirely relieved from payment of income tax, owing to abatements and allowances, as those who pay the tax. Four million seven hundred thousand individuals had incomes over ihe exemption limit in 1924-25, hut of these only 2,400,000 were taxed-and 2,300,000 were exempted. The “effective limit” of exemption is £135.

'Hie (total gross income scheduled was £2,9043,000,000, but £590,000,000 of this amount was crossed out on account of exemptions and statutory reductions.- leaving an actual taxable income of £2.310,000,000.

A sum of £60,000,000 was relieved of tax because the incomes were below the exemption limit. Ninety thousand persons were estimated to he litihle to super-tax on incomes over £2OOO a year, amounting to £62,090.009, their total income being £516.000,000. This was a decrease of 1000 supertax payers, in the year. Out of 87.375 persons actually assessed for super-tax at April 30, 1925, there were 921 with incomes between £20.000 fend £25,000, 319 whose incomes were between £50,000 end £75,000, 105 with incomes over £75,000 hut less than £IOO,OOO, and those w.th incomes over £IOO.OOO numbered 124, compared with 200 two years earlier. Nearly £59,000,000 was taken by the State in death duties, and the total inland revenue duties amounted to £442,349,586.