INCOME TAXATION

Wairarapa Times-Age, 9 March 1939, Page 7

INCOME TAXATION

BRITISH YIELD. BUOYANT THE BUDGET OUTLOOK. REDUCTION OF DEFICIT. • (British Official Wireless.) RUGBY .March 7. With 27 days of the financial year to go, Exchequer returns show that the deficit has been reduced to £44,467,503. Last week income tax yielded £22,098,000, compared with £17,158,000 for the previous week and £2,667,000 for the corresponding week of last year. Total, ordinary revenue amounts to £834,356,251, compared with £792,023,676 a year ago. The only serious disappointment of the Budget expectations is in respect of death duties which, at £70,210,000, are £12,000,000 less than a year ago and £18,000,000 short of the estimate. Revenue from stamps is also behind at £18,820,000, compared with £19,410,000 this time last year, and the estimate of £24,000,000. On the other hand, income tax and surtax together brought in nearly £35,000,000 more and Customs and excise nearly £3,000,000 more than a year ago. Total expenditure less self-balancing items and sinking funds is £868,680,628 compared with £794,328,332 for the corresponding date of 1938. The floating debt outstanding amounts to £902,060,000, which is a net increase of £60,305,000 since the beginning of the financial year. The report of the Commissioners of Inland Revenue for the last financial year reveals that the number of people liable to surtax rose from 91,392 tc 95,750 during the year. Those who could be classed as millionaires —that is, those with incomes above £40,000 a year—rose from 529 to 539. Total net surtax assessed rose from £53,781,053 to £57,361/175.