The Income Tax.

Manawatu Herald, 24 December 1892, Page 3

The Income Tax.

A correspondent has brought umbr j it: the notice of the Manawatu 'J hn*s, ;ai one of tho hardships in conn.ctim | £J with the Income Tax. A lady \ c correspondent, it appears, derives an in income of £120 yearly from an in- j«« vestment of capital upon mortgage j ]. e at six per cent. If this money was " K invested in any other form than pi upon mortgage, it would he frea B from taxation. An application has been made to the Commissioner ior R) a refund, but this has been refused, K and out of tho small income deriva- h hie from the investment, the sum of i £8 7s Gd has to be paid to satisfy j JJ the demands of the office. A pecu- C! liarity of this matter is that were the a money invested in any other form it a would escape taxation, but being £' "on mortgage " it becomes at once ; t liable. This is a very fair instance b of anomalies which exist under the {l Act. l;