HC Deb 19 April 1920 vol 128 cc148-9

Charge of Tax.

Resolved, That—

  1. (a) Income Tax shall be charged for the year beginning the sixth day of April, nineteen hundred and twenty, at the rate of six shillings in the pound; and
  2. (b) the like provisions shall have effect with respect to the Income Tax so charged and the annual value of property as had effect with respect thereto for the year beginning the sixth day of April, nineteen hundred and nineteen.
And 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.

Super-tax.

Resolved, That— (a) the additional duty of Income Tax (called Super-tax) shall be charged in respect of incomes which exceed £2,000 as follows:—

In respect of the first£2,000 of the income Nil.
In respect of the excess over £2,000—
For every pound of the first £500 of the excess One shilling and sixpence.

For every pound of the next £500 of the excess Two shillings.
For every pound of the next £1,000 of the excess Two shillings and sixpence
For every pound of the next £1,000 of the excess Three shillings.
For every pound of the next £1,000 of the excess Three shillings and sixpence.
For every pound of the next £1,000 of the excess Four shillings.
For every pound of the next £1,000 of the excess Four shillings and sixpence.
For every pound of the next £12,000 of the excess Five shillings.
For every pound of the next £10,000 of the excess; Five shillings an d sixpence.
For every pound of the remainder of the excess Six shillings.
(b) the like provisions shall have effect with respect to the Super-tax so charged as had effect with respect to the Super-tax charged for the year beginning the sixth day of April, nineteen hundred and nineteen. And 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.

Alteration of Beliefs.

Resolved, That the present exemptions, abatements, and reliefs in respect of Income Tax (including Super-tax) shall cease, and that in lieu thereof there shall be granted such exemptions, abatements, and reliefs as Parliament may provide by any Bill of the present Session relating to finance.