ENGLAND'S TAX LAW.

Taranaki Daily News, 22 July 1916, Page 9

ENGLAND'S TAX LAW.

DRIVING YANKEES HOME.

Americans who have adopted England as their home are now contemplating a hurried return to the land of the Stars and Stripes, as a result of 'war taxation in Great Britain. It appears that Americans domiciled in England who are subject to the income tax must now sell or deposit with the British Government their American securities, under penalty of an extra two shillings tax. Tile ruling holds good whether the securities are held in England or America. The tax of two shillings will apply to Americans who have resided under the Union Jack long enough to become subject to the regular income tax, the incidence of which will bo followed, except that no abatement will be granted on American securities which appear on the Government's lists. If American securities are deposited with the Government, only the usual income tax, with the ordinary abatements, will be charged, but the Government prefers to purchase the securities outright. In the event that American residents in England deposit their American securities held in the United States, the Government will collect the interest and pay it to the owners in sterling. American residents holding such securities in America may either deposit them or sell them to the Government through the agency of J. P. Morgan and Company in New York. Already the ruling lias caused >-;cme alarm among the Yankees in England, and loving, as they do, the Almighty Dollar to its full value, an exodus of several of the wealthy Americans living in England has commenced. American residents who are now liable to a tax on unearned income will be compelled to pay five shillings in the pound, while those to whom the supertax applies will pay still more unless they meet the Government's demand.