500 MILLIONAIRES IN GREAT BRITAIN

Manawatu Times, Volume LIV, Issue 6885, 15 April 1929, Page 8

500 MILLIONAIRES IN GREAT BRITAIN

National Income POUR AND A HALF MILLIONS LIABLE FOR INCOME TAX LOWEST RETURN FOR TEN YEARS British Official Wireless. Received Sunday, 7 p.m. RUGBY, April 11., A reduction in the National income is disclosed by the Commissioners of Inland Revenue in their report for the year ended March 31. The gross income under review was estimated at £2,904,000.000, the lowest since 1918-19. This was reduced by exemptions and allowances to £1,300,000,000. The net produce was £228,000,000, an average of 23.58 d on each pound of actual income, being the lowest for the past ten years. The report also shows that there are between 500 and 600 millionaires in Great Britain. There are 299 people in receipt of incomes between £50,000 and £75,000 a year; 97 people in receipt of incomes' between £75,000 and £100,000; and 147 people have incomes exceeding £IOO,OOO. The estimated number of individuals with total incomes above the exemption limit was 4,650,000, an increase of 150,000 on the preceding year. Of these 2.400,000 were entirely relieved of abatements and allowances, leaving 2,250,000 chargeable with tax.