WAR WEALTH.

Taranaki Daily News, 27 February 1920, Page 5

WAR WEALTH.

SCHEME OF TAXATION. 840,000 PEOPLE AFFECTED. By Telegraph.—Press Assn.—Copyright. London, Feb. 25. The Select Committee on the taxation of war fortunes has opened an investigation under the chairmanship of Sir William Pearee. The principal witness was Sir John Anderson, chairman of the Board of Inland Revenue, who estimated that the cost' of the scheme would lie one-tenth to one-fifth of 1 per cent, of the amount collected- He anticipated the tax would he paid to a considerable extent in kind, such as war loan securities. He suggested that provision be made for payments by instalments, the liability being assessed at the outset ■ and the payments spread over ton years. He thought (lie valuation would, affect 340,000 parsons, hut many individuals would have several valuations on ships, furniture, jewels, estates, etc. Sir John Anderson suggested the con sideration of some form of "floating charge/' which . would sufficiently safeguard the interests of the Crown, without interfering with legitimate business operations. He considered the tax should not fall exclusively on war "profits, but also deal with the increase in wealth without regard to how brought about.. The Department could not discriminate between wealth gained by questionable means, wealth acquired simply from the war, and wealth accumulated by exceptional personal efTort and self-denial. Ashed what sum he e?:pected to obtain, Sir .Tnhn Anderson replied: "One thousand millions."—Aus.K.Z. Cable Assn.

ATTACK ON LARGE INCOMES. MANY PEOPLE WEALTHIER. Received Feb. 26, 8.55 p.m. London, Feb. 26. At to-day's sitting of the Select Committee on taxation, Sir John Anderson, continuing his evidence, said it was proposed to tax all property, even outside the British Empire. A considerable part of the increase had been disposed of by bank deposits. Business represented under one quarter of the total increased wealth and over a half of this was represented by public companies' assets. It was proposed that post war wealth not exceeding £SOOO should be excluded altogether. It was estimated that S(!,C0O people had risen during the war from below to above £51)00. It was impossible to devise a scheme specially to deal with the profiteer.—Aus.-N.Z. Cable Assn.