§ A man with £3,000 would pay on £500. He pays 5d. on the £500, not on the £3,000.
- You charge 7d. on the next £1,000.
- 9d. on the next £1,000.
- 11d. on the next £1,000.
- 1s. 1d. on the next £1,000.
- 1s. 3d. on the next £1,000.
- And 1s. 4d. on the remainder.
§ Mr. W. THORNEPut it up a bit.
§ Mr. LLOYD GEORGEI will show how it actually works. It is very difficult for anyone to calculate straight away what is the meaning of a proposal of that kind, but I will give the actual additions to the normal Income Tax at each stage, or at any stage about which any hon. Member would like to inquire. First, a man with £3,001 would pay, in addition to his ordinary Income Tax, 8d. in the £. It does not look as formidable as it did when I gave the scale.
§ Mr. WORTHINGTON EVANSIs that on the total income?
§ Mr. LLOYD GEORGEYes, I am converting it now into what he is actually going to pay.
A £3,500 man would pay 1.7d., in addition to his ordinary Income Tax.
I can go further if anybody specially wants me.
- A £4,000 man would pay 2.4d.
- A £5,000 man would pay 3.7d.
- A £6,000 man would pay 4.9d.
- A £7,000 man would pay 6.1d.
- An £8,000 man would be 7.2d.
- A £9,000 man would pay 8.2d.
- And a £10,000 man would pay 8.9d.
§ Mr. W. THORNEWhat does the £100,000 man pay?
§ Mr. HOUSTONI want to ask what the £100,000 would pay?
§ Mr. LLOYD GEORGEThe hon. Gentleman would be let off with 15.3d.
§ Mr. JOYNSON-HICKSMay I ask the right hon. Gentleman whether these figures he has given would be the percentage on the whole incomes without regard to the exemptions?
§ 6.0 P.M.
§ Mr. LLOYD GEORGEI thought I had made it clear. It is the addition which the payee of Super-tax would pay to the 89 ordinary tax of 1s. 4d. It is in substitution of the old Super-tax. First of of all, I gave the scale. I know how difficult it is to work out a scale like that at once, and, therefore, I have worked it out in actual figures, and these are the actual rates of payment over and above the ordinary 1s. 4d. Income Tax. It is in substitution for the present Super-tax.
§ Lord HUGH CECILCan the right hon. Gentleman say what is the maximum tax which anybody in the world may have to pay?
§ Mr. LLOYD GEORGENot in the world, but in this country it would be 2s. 7.3d., and that is for an income of £100,000. The total yield of that in a full year would be £7,770,000. This year I hope to get £2,500,000 out of it, and in the first full year £4,500,000.
Mr. CHAMBERLAINThen I take it the total yield of the new Super-tax in a full year would be £7,770,000?
§ Mr. LLOYD GEORGEYes.
§ Mr. LLOYD GEORGEYes, that is what I expect to get in addition to the old tax this year. I expect £2,500,000 this year, and next year £5,500,000, including arrears.