§ Mr. BRIDGEMANasked Mr. Chancellor of the Exchequer whether, in the case of an estate having a gross annual income of over £5,000 and charged with annuities, not paid free of income tax, the surtax will be charged on the gross income of the estate or will be payable only by those annuitants who have an income of more than £5,000, thus placing such estates on a footing similar to that of joint stock companies?
§ Mr. LLOYD-GEORGEI must ask the hon. Member to wait for the text of the Finance Bill.
§ Mr. H. H. MARKSasked Mr. Chancellor of the Exchequer what, under the new scheme of taxation, would be the rate applied, and the total income tax levied respectively on an earned income of £1,995 and on an income of £2,015 of which £1,995 was earned and £20 was unearned?
§ Mr. LLOYD-GEORGEThe rate on an earned income of £1,995 would be 9d. in the £, and the amount of the tax would therefore be £74 16s. 3d. In the second instance cited by the hon. Member the rate would be 1s. in the £ on £1,995, and 1s. 2d. in the £ on £20, giving a total tax of £100 18s. 4d.