§ MR. H. B. SHERIDANsaid, he would beg to ask Mr. Chancellor of the Exchequer, Whether the Income Tax proposed by him in his Budget, is intended to be levied on the same plan as that at present 1572 in force, and, therefore, not upon incomes of less than £100 per annum.
THE CHANCELLOR OF TUE EXCHEQUERSir, the intention is that the Income Tax shall be levied? exactly as at present with regard to the amount of the income on which it is paid. The exemptions under £150 will be specified in the Bill, founded on the Resolutions of the Committee. The hon. Member had been very naturally misled by the form in which the Financial Resolutions were drawn; in all cases the Financial Resolutions in reference to an income tax have been drawn without the exemptions, which are subsequently introduced in the Act itself.