THE INCOME-TAX BILL.

Nelson Examiner and New Zealand Chronicle, Volume I, 3 September 1842, Page 103

THE INCOME-TAX BILL.

[From the Colonial Gazette.] The Income-Tax Bill contains 189 clauses, and fills 130 folio pages. There are -five schedules. Schedule A enacts that possessors of landed property above the annual value of £150 shall pay seven pence in the pound. Schedule B enacts that the occupiers of land shall pay three pence in the pound in England, and two pence halfpenny in, Scotland; Ireland being exempt. Schedule C relates to profits from dividends, annuities, and shares; which are chargeable with seven pence in the pound. So far all is simple, Tind fair, inasmuch as property of certain value is dealt with. Schedule D is the thumb-screw, which is to wring his secrets from the tradesman, and extract to the uttermost farthing the sum leviable on the fluctuating earnings of the merchant, the professional man, and the employe*. The machinery is nicely adjusted to fit all parties, and it's pressure will be felt by more than it will draw blood from. It includes "every description of property or profits" not contained in either of the other schedules; and lays down rules for ascertaining the amount of duty due in various cases, which are classed under six heads. As regards trade — The duty to be computed on the full amount of the balance of profits, on an average of the three previous years ; or if the concern shall not have existed so long, then on one year, or the proportion of a part of the year : the duty to extend to every person, body corporate, company, or society. No allowance to be made for money expended on repairs or alterations of premises or implements of trade, beyond the current expenditure; nor for any loss not arising from the trade; nor for capital withdrawn or invested; nor for interest on capital; nor for any debts "not proved to the satisfaction of the commissioners to be irreco- - verable and desperate;" nor for any average loss ; nor for any sum recoverable under an insurance or indemnity. No deduction is allowed for annual interest. As regards employments — The dnty to extend to every employment, whether annual or otherwise; and to be computed on the balance of emoluments during the preceding year. In both classes of cases, no deductions to be allowed for any disbursements but those for the purposes of the trade or employment, nor for expenses of maintenance, nor- rent of dwellinghouse, nor private expenditure. The computation of duty to be made exclusive of profits arising from lands and tenements occupied for the purpose of trade. In. cases of partnership, the computation to be made on the joint profits, separately from other duty chargeable on the individuals : the return of the principal or resident partner, or the agent of the firm, to be sufficient authority; but any partner may claim a separate assessment in case of proving exemption, or may return his name and address as a partner in a firm without specifying the amount of his share, unless required by the commissioners, who may require such information from every one of the partners. In case of change of partners, the duty to be charged on the antecedent profits. As regards profits of uncertain annual value, the following clause will serve to exemplify the microscopical 'minuteness of the scrutiny : we quote it entire, as a specimen of tax-legisla-tion :—: — " Third — Whenever the commissioners shall, on examination, find that any lands occupied by a dealer in cattle, or by a dealer in or seller of milk (which lands shall have been estimated and charged on the rent or annual value), are not sufficient for the keep and sustenance of the cattle brought on the said lands, bo that the .rent or annual value of the said lands cannot afford a just estimate of the profits of such dealer, it shall be lawful for the said commissioners to require a return of such profits, and to charge such further sum thereon as, together with the charge in respect of the occupation of the said lands, shall make up the full sum wherewith such trader ought to be charged in respect of the like amount of profits charged according to the first rule in this case." It is some .consolation to find that persons carrying on two or more concerns may set off the loss of one against the gain of another; so that the milkman who draws upon the pump may, if he be a speculator in well-sinking, set off the loss of his sunken capital against the profits of his milk scores. Schedule £ relates to Government officials ; for whom none but those of their own class w\ll have any sympathy. The commissioners df, stamps and taxes are the chief inquisitors, and the commissioners and their assistants the operators in putting the victims to the question : the latter are to consist of members of corporate bodies, chief officers of different courts, mayors, bailies, &c. Among the supplemental classes is one that makes the property of a married woman living. . with her husband a part of the husband's property ; whereas a woman living apart from her husband is i%arded as afemme sole .- here is a pretty premium on separation! Householders are required to denounce their lodgers to the tox-inqulsition ; and the penalties for neglect are very stringent. Tenants in Scotland are required to produce their leases. The exemptions from the Income-Tax include benefit-clubs, charitable institutions, and stocks of the Queen or foreign potentates — Louis Philippe for instance. Where an incorrect *$;- tura is proved, the penalty is treble the amount of duty. The assessments are payable quarterly in England, and half-yearly in Scotland. The commissioners and other officers are to be sworn to fairness and secrecy.

Dr. Lang haa delivered a course of lectures at Sydney, on the "impolicy and injustice of religions establishments in the Australian colonies."