BRITISH BUDGET.

Wanganui Herald, Volume XXXXV, Issue 13053, 22 April 1910, Page 5

BRITISH BUDGET.

INCREMENT , TAX DISCUSSION. Amendment Defeated. Press Ahßocration—-' , 'elegraph.—Copyright. LONDON, April 21. In the House of Commons there was a lively debate on the Opposition declaring that the Government’s new phraseology did not exempt agricultural laud from the increment tax. Lord HcTiusley moved an. amendment specifically excluding all land used fvr agriculture.

The Eight Hon. Lloyd-George Chancellor of the Exchequer, declared that the acceptance of the amendment would he equivalent to abandoning the tax, since land near towns would escape payment al together. Mr Lloyd-George added: “To call this agricultural land is a mockery and a sham.”

The amendment was defeated, the voting being— For the amendment 248 AfVnst amendment 344

Government majority 96 The financial resolutions were then automatically passed, and the Budget was read a first time. THE BUDGET OF 1999, The historic Budget of 1909 was introduced into the House of Commons by the Chancellor of the Exchequer, Mr LloydGeorge, on April 29, in a four hours’ speech. The Finance Bill embodying its provisions was issued on May 28. The second reading began on J uue 7, the committee stage began on June 21, and lasted till October 7. The report stage began on October 19, and ended on Ooctober 29, The third reading was carried in the House on November 4, by a majority of For the Budget 379 Against 149 The Irish Party did not vote. The Finance Bill, as passed in the Commons, fills 100 folios. The House of Lords refused to pass it, on the ground that the people should first be consulted. Ihe Budget proposed new or increased taxation under the following heads; I. Land values. ll,—Liquor Licenses. Hl—Death duties. IY.—lncome tax. Y. Stamp duties. Vl.—Customs and excise. The proposed new taxes on laud were four:—

(a) Duty on increment value; (b) Reversion duty; (c) Duty on undeveloped land; (d) Duty on minerals. The duty on increment value is a tax 2 2 P el cent - kvild on any increase in the “site value’ of l:|nd accruing aftel last April. It is to be pdid when ever the land is sold or let on lease (for more than 14 years), and whenever it changes hands by death. In the case of corporations, which do not died, the duty is to be paid periodically every 15 years, beginning with 1914 instead of on transfer through death of the owner.

In addition there were taxes on motorcars and motor-spirit. The sum of 31 millions was taken from the sinking fund of the National Debt.

The present realised deficit of over 26 millions is mostly made up of uncollected income-tax, nearly all of which, it is to be noted, the Chancellor of the Exchequer hopes to collect.