HC Deb 21 September 1915 vol 74 cc431-2

23. Resolved, That (1) For the last six months of the current Income Tax year the rate of Income Tax shall be forty per cent, higher than the rate fixed by the Finance Act, 1915 (namely, three shillings and sixpence instead of two shillings and sixpence), and the rates of the amounts payable in respect of earned income and in respect of small incomes under Section six of the Finance Act, 1914, as amended by Section ten of the Finance Act, 1915, shall also be increased by forty per cent, for that period.

(2) Effect shall be given to the said increase of tax as follows:—

  1. (a) By making such deductions in the case of dividends, interest, or other annual sums due or payable after the fifth day of October, nineteen hundred and fifteen, as will make the total amount deducted in respect of Income Tax for the year equal to that which would have been deducted if Income Tax for the year had been at the rate of three shillings;
  2. (b) By treating the amount payable in respect of any assessments already made of tax chargeable otherwise than by way of deduction as increased by twenty per cent.;
  3. (c) By increasing any such assessments not already made by twenty per cent.; and
  4. (d) Where the amount of any exemption relief or abatement under the Income Tax Acts is to be determined by reference to the amount of Income Tax on any sum, by calculating the amount of the tax at three shillings.

(3) It is declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.—[The Chancellor of the Exchequer.]