BRITAINS NEW TAXES.

Gisborne Times, Volume LIII, Issue 5542, 26 July 1920, Page 6

BRITAINS NEW TAXES.

AIAIN FEATURES OF THE BUDGET.

BIG INCREASES IN TAXES ON PROFITS.

No Budget of modern times has aroused so much speculation as the one introduced in the House of Commons the last Alonday in April, by Air Austen Chamberlain, Chancellor of the Execliequer. Its proposals had' been forcasted -Weeks ahead. The forecasts were accurate to a certain extent, but that the Chancellor had kept his secrets vvell was manifest when he outlined his drastic proposals regarding the excess profit tax and the new “corporation tax” on the revenue and profits of limited' liability companies.

The main features of the Budget are:—Letter Postage.—To be 2d. P ex ‘ 3oz, with for eac-h additional oz. ’(at present 1-Jd for 4oz, with Jd for every additional 2oz). Newspaper Postage.—ld for 6oz or less, with additional for each oz ('at present Rl for 6oz, with extra id for each additional 6oz).

per cent. Income Tax Reform.—General Income tax reforms are to be dealt with in a separate Bill. Exemption limit for married couples to be £2,50, and for -tlie unmarried £l5O. Standard rate proposal is 6s in the £. but where die assessable income i s under £225 only half-rate (3s per £) to be charged. Super-tax.—-Additional 6s in the £ on incomes beyond £30,000.

Profit Taxes.—Excess profits duty to bo increased from 40 per cent, to 60 per cent, as from January 1. last.

Post-cards. —To be lid instead of Id. Telegrams.—ls with Id! for every word over 12 (at present 9d and J-d for every word over 12). Telephone.—Charges to be proposed later, to yield £2,752,000 a year more.

Land Values. —Land values duties to be repealed except mineral rights duty. Spirits.—Duty per proof gallon to be raised by 22s 6d to 72s Gd. Retail prices l tp be raised by 2Ad per gill in public bars and 2s per bottle. Beer.—Duty to be raised by 30s per standard barrel, which will mean an extra Id per pint to the consumer. Wine.—Duty to be doubled with special 50 per cent, duty, according to value, for imported sparkling wines. Cigars.—New duty of 50 per cent.' on imported cigars, according to value.