Page:Statesman's Year-Book 1921.djvu/99

 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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