NEARLY A MILLION.

Shannon News, 9 April 1925, Page 4

NEARLY A MILLION.

UNDISCLOSED PROFIT. INCOME TAX SENSATION. ' For something, like twelve months past officials of tme Inland Revenue have been very busy in the textile districts of the North of England conducting'a stringent investigation, into the matter of undisclosed war profits. A tremendous sensation was caused when it became known that a millionaire manufacturer had been compelled to pay the Inland Revenue authorities close upon a millioi* pounds representing unpaid super-tax The millionaire paid in order to avert more drastic action on the part o! the officials, but in doing so he practically beggared himself. From living in a sumptuous mansion with a big staff of servants and several magnificent motor-cars, the manufacturer has been reduced to a cheap little villa with one maidservant. His luxurious house, together with all its contents, came under the hammer, as also did his motor-cars and everything else that he had acquired in the last six or seven years. From riding to his office in a luxurious car, he has been compelled to revert to a penny tram fare, and to all intents and purposes he is starting life over again, sadder, but very much wiser. . . In the course of their operations IB the textile and steel trades the Inland Revenue authorities have succeeded in collecting several million pounds, representing undisclosed profit. The Inland Revenue is continuing its operations, and ft is expected that still larger sums' of money will. be _ forthcoming in consequence. The unfortunate part of the affair, savs a London paper, is that many or the men who made hundreds of thousands of pounds during the cotton boom are now practically bankrupt, and, short, of selling, up their homes, it would be impossible for them to raise the money they owe in respect of unpaid taxes.