HC Deb 16 May 1911 vol 25 cc1849-50
The CHANCELLOR of the EXCHEQUER (Mr. Lloyd George)

The figures which have already been printed and circulated in reference to last year will have revealed the fact that there was a Realised Surplus upon the finance of that year of £5,607,000. As I shall point out, this is practically the surplus of two years, and not of one. The year was 'an abnormal one. It was abnormal in respect of the fact that there were very considerable arrears that appertained properly to the previous year, which had not been collected, and that therefore a good deal of the taxation belonging to last year was thrown into the present year. We are still suffering from the delay and the consequent confusion that resulted from the exceptional financial experience that we passed through. We shall not be able this year to collect the whole of our Super-tax. The same thing will apply to the Land Taxes; the delay will affect them seriously. The Estate Duties also are affected, as I explained in some answers which I gave to questions yesterday. The Licence Duties have also been affected owing to the same circumstance. If the normal arrears of Income Tax had been collected last year the surplus would have been nearly £08,500,000. That, as I have already explained to the House, is for two years and not one.