FINANCE
47
II. Taxation.
The net receipts from the principal branches of taxation were as follows in the vears stated : —
Tear ended March 31
1913-142
1915-16
1918-17
1917-18
1918-19
1919-20
1920--J! 3
CusMms 1
Estate, , d
Excise* 4c. Stamps' _
Duties' lax
Thous. £ Thous £ Thou.«.£ rhous.£ Thous.f
M,M0
70,71
70,890
103,466
149,554
134,003
39 65S
61,908
56,488
i 38,578
60,663
133,782
1W,T82
27,M0 30,938 31,192 81,735 BO.8O0 42,760
47,:-.".'
»,983
6,780 7,764 BJftM
12,417 22,891 26.591
690 680 658 683 643 071 650
Inhabited House Duty
Thous. £ 1,994 1,975 1,888 1.941 1,860 1,935 1,900
Property A Income Tax
Value
andSuper ™
Tax
Thous. £
KbpncJ
47,241
736
129,161
369
205,678
524
238,136
293,268
710
359,434
394,146
20
1921-224 I 126,800 190,200 48.000 21,000
410,500
1 The principal items included In these branches of revenue are shown on pages 42-43 above.
'-' Pre-war year.
a Exchequer Receipts.
•* Budget estimates.
An Excess Profits Tax of 50 per cent, upon the excess of profits orcr pre-war standards was introduced in 1915, and produced 187,846*". in 1915-16. The rate was later increased to 60 per cent., producing 141,614,932/. in 1916-17 (including a special munitions levy from 'controlled' establish- ments), and then to 80 per cent., producing 223,116,090*. in 1917-18, 283,976,861?. in 1918-19, and 289,208,046/. in 1919-20. The budget of 1919 reduced the rate to 40 per cent, and that of 1920 raised it to 60 percent. The yield in 1920-21 was 219,181,000/., and the estimate for 1921-22 is 120,000,000/.
The gross amount of income brought under the review of the Inland Revenue Department in the year ended April 5, 1918, in the United Kingdom, was 1,967,066,000/.; in 1913-14 it was 1,167,184,000/.; in 1904-5 it was 912,130,000/. In 1918-19 it was estimated at 2 290 millions. The income on which tax was actually received in 1917-18, after allowing for exemptions and abatements, was 1,083,982,282/.
Prior to April 6, 1915, incomes of and below 160/. per year were exempt from income tax. Fiom April, 1915, to April, 1920, the limit was 130/. per year. In the case of taxable incomes, abatements were made, and also allowances for children, wife, and insurance premiums, on the lower range of incomes. The rates of tax per £ of taxable income varied as follows :
1913-14 1914-15 191.5-16 1916-17 1917-18 191S-19and 1919-20
From April, 1920, exemption is allowed to bachelors with earned incomes below 150/. (or unearned below 135/.), and to married persons with earned incomes below 250/. (or unearned below 225/.) The abatements and allowances (for children, dependent relatives, life assurance premiums, &c), on higher incomes have been revised. The " standard " rate of tax is 6s., but on the first 225/. of a person's " taxable " income the rate is S*.
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