THE BUDGET AND INCOME TAX.

Shannon News, 12 June 1925, Page 3

THE BUDGET AND INCOME TAX.

(To the Editor.) Sir,— Residents in New Zealand deriving any income from Great Britain will be delighted at the new Budget as the income tax remissions are very real. Briefly they are as follows: , J Reduction in the standard rate ol tax from 4s 6d to 4s in the £. Relief to “earned” incomes, increased from one-tenth to one-sixth. Treatment of all income of persons over 65 years of age as “earned” where total income does not exceed £SOO. in the case of married persons this applies if either spouse is of the age stated. , The following instances will show the reductions', more clearly. It is assumed in each case that a married couple without children is concerned. Last year’s 11ns year a Income. Tax. 'fax* ~ £2OO £5 1 3 £2 10 0 £4OO £ls 3 9 £lO 16 8 £IOOO £126 11 3 £99 3 Prima facie it would not appear that in the case of income “earned” in New Zealand the amount of repayment on the British “investment income would be affected, but owing to the peculiar nature of the rebates allowed, extra relief is in fact given to persons not resident in the United Kingdom.—l am, etc., _ WILFRED T. FRY. London, 7th May, 19(25.