INCOME TAX.

Lyttelton Times, Volume XCVI, Issue 14428, 19 July 1907, Page 7

INCOME TAX.

THE BRITISH SECOND LEVY. NO EXEMPTION. United Press Association—By Electric Telegraph,—Copyright. LONDON, July 17. la the House of Commons, in connection with the Finance Bill, Mr Asquith refused to accept Mr J. F. Rawlinson’s clause exempting income which had already paid income tax in the colonies from assessment in Britain. Mr Asquith said that he went very thoroughly into the matter with Mr Deakin and Dr Jameson at the Imperial Conference, and he flattered himself that he had succeeded in persuading them that it was quite impossible for the Imperial Government to make any change in the direction desired. He was unable to agree that any grievance existed with regard to individuals. If any man resided in Britain he enjoyed the protection of British laws, and it was only fair that h© should contribute income hie whole income, wheresoever it arose. When, a company was substantially controlled and directed in a colony or in a foreign country, income tax was only payable on part of the profits remitted. Mr Leverton Harr I ®, member for Tower Hamlets, said he hoped that the next Budget would provide that colonial and foreign oompa_ios which did their business in England, thereby competing with English companies, should pay income tax.