§ MR. WHITWELL
asked Mr. Chancellor of the Exchequer, What sum may be estimated as the abatement from the gross income of each penny of the Income Tax during the past year arising from the rebate of eighty pounds on Income Taxes below three hundred pounds per annum; and, what is estimated to be the additional abatement from the gross receipts of each penny of a three penny Income Tax, during the current year, in consequence of the additional rebate proposed to be allowed by the Budget of this year?
§ THE CHANCELLOR OF THE EXCHEQUER
The abatement from the gross amount charged for each penny of the Income Tax on the assessment for 1875–6 in respect of the allowance of £80 on incomes below £300 per annum may be estimated at £156,250. The additional 1325 abatement from the gross amount to be charged for each penny of the Income Tax on the assessment for 1876–7 in respect of proposed allowance of £120 on incomes below £400 per annum may be estimated at £76,000. The additional relief from Income Tax by proposed extension of exemption to incomes not exceeding £150 per annum may be estimated at £54,000 for each penny of tax. The additional abatement which is now proposed may therefore be taken at £130,000 for each penny of tax.