TAX BURDEN EASED

Gisborne Herald, Volume LXXII, Issue 21852, 24 October 1945, Page 5

TAX BURDEN EASED

INTERIM BUDGET FOR BRITAIN EXEMPTION LEVELS INCREASED REDUCTION OF EXCESS PROFITS LEVY (By Telegraph—Press Assn. —Copyright.) ( 10 am ) LONDON, October 23. Reductions in Britain’s income tax were announced in the Commons to-day by the Chancellor of the Exchequer, Dr. Hugh Dalton. This is the first Budget of the new Labour Government, the Chancellor stating it is only an interim Budget to carry on till Avvil 1, •T Altogether, the alterations to the tax scale will release 2,000,000 taxpayers entirely. For single people exemption from income taxation has been raised from £3O to £IOO and for married couples from £l4O to £IBO. The scale of taxation will be 3/- in the £ for the first £SO; 6/- in the £ for the next £75 and 9/- thereafter. The super tax is to continue. The excess profits tax is to be reduced from 100 per cent to 60 per cent. The purchase tax on materials for the Government’s housing plan is to be removed, but is to stay on other articles such as motor cars. The present cost of living index would be held steady, Dr. Dalton declared. The end of lend-lease created a serious problem for Britain in relation to the balance of trade and the people of Britain would have to see that everything possible was exported and as little as possible imported—particularly those involving dollar exchange.