LAND AND INCOME TAX.

Stratford Evening Post, Volume XXXVI, Issue 82, 11 August 1913, Page 4

LAND AND INCOME TAX.

The new Land and Income Tax Hill which was introduced in tlio House on Friday by Governor’s Message, does not alter laud taxes from last year, but a considerable change is made in the imposition of taxation upon incomes. The method of the past is altered, and a graduated and proportionate scale of increase imposed. The taxation of companies’ incomes is altered, and made heavier in the case of the larger companies. The scale of the past was;—l pto £1250, Is in the £; between £1250 and £2OOO, Is Id : over £2OOO, Is 2d. The new rate

is:—Up to £I6OO, Is in’ tho £; between £I6OO and £2400, a duty assessed at tho rate of Is for every pound of such income increased by the twohundredth part of a penny for every pound in excess of £1600; over £2400, Is 4d in tho £. In tho case of incomes, the jumps by hundreds from 6d below £4OO to Is 2d for those over £2OO are abolished, and the following scale established:—On taxable income from £3OO to £4OO, a duty of 6d for every pound thereof; on incomes between £4OO and £2400, “a duty assessed at the rate of Od for every pound of such income increased by tho two-hundredth part of a penny for every pound in excess of £400.” Where the income exceeds £2-100, a duty of Is 4d in the £ is imposed.