INCOME TAX SECRETS.

Hawera Star, Volume XLVI, 9 August 1926, Page 11

INCOME TAX SECRETS.

124 MEN AVITH £IOO,OOO A YEAR. 82 FEAVER THAN IN 1923. BY CABLE—PRESS ASSOCIATION—COPYRIGHT. LONDON, June 10. There were 82 fewer persons with incomes of £IOO,OOO a' year in 1925 as compared with 1923. Players of super-tax decreased by 1000. These are interesting facts which are disclosed in the report of the Inland Revenue Commissioners issued yesterday. The report' also shows that nearly as many persons are entirely relieved from payment of income tax, owing to abatements and allowances, as those who pay the tax. Four million seven hundred thousand individuals had incomes over the exemption limit in 1924-25, hut of these only 2,400,000 were taxed, ans 2,300,000 were exempted. The “effective' limit” of exemption is £135. The total gross l income scheduled was £2,900.000,000, hut £590,000,000 of this amount was crossed out on account of exemptions and statutory reductions, leaving an actual taxable income of £2.310.000,000. A sum of £60,000,000 was relieved of tax because the incomes were below the exemption limit.