HC Deb 14 April 1902 vol 106 c169

Last, but not least, I come to the income tax. I may say that though sometimes, no doubt, the death duties—the reform and extension of which we owe to the right hon. Gentleman opposite, as I have always acknowledged—may be a useful lifebuoy to the Chancellor of the Exchequer in a time of difficulty, yet the real ship which bears the Chancellor of the Exchequer in this country over a stormy ocean is not the death duties, but the income tax. The yield from income tax last year was £34,800,000, a million more than my estimate. Last year I pointed out to the Committee that the yield per penny of the income tax had in the previous year been higher than had ever previously been known, although the tax stood at as high a rate as 1s. in the£1. And I believe I stated that the natural result of increasing it to 1s. 2d. would be that the yield per penny would show a decrease. That had been in accordance with the experience of years gone by. But this has been so far from being the ease, that the yield from income tax last year was more than £2,500,000, higher than has ever been known before. I am grateful for the prompt response of the payers of income tax to the necessities of the country. There has been no attempt whatever—there never is—on the part of the inland Revenue authorities, to accelerate the collection of the income tax, this year more than in other years. But, nevertheless, the collection has been as I have stated; and I can only hope that, although no doubt the Income Tax at the present rate is a heavy burden in many cases, yet those cases are not quite so numerous as some persons would suppose.

Back to