§ I turn now to the revenue side of the accounts. I estimate the Customs and Excise receipts for 1930, on the basis of the existing taxation, at £250,000,000, which is £400,000 less than the estimate of last year, but over £2,500,000 more than was received. I have allowed for a fall in the receipts from spirits of £1,500,000 below the actual receipts last year, but for an increased yield of about £800,000 from beer over last year's actual receipts.
Mr. SNOWDENHon. Members who were in the House last year will remember that my predecessor estimated for a fairly considerable increase from the Beer Duty, which was not fully realised. I estimate the revenue from tobacco at £63,200,000, which is only £400,000 more than the revenue last year; 2668 but in this case there were forestalments which somewhat inflated last year's revenue at the expense of this year's. For sugar, I should normally estimate for a small decrease in revenue, due to an increase in the consumption of home and Empire sugar, which pays lower rates than foreign sugar. There was, however, a substantial postponement of revenue in 1929, probably over £1,000,000, which benefits this year. Allowing for this, I estimate an increase of over £2,000,000. As hon. Members know, postponements or forestalments count two upon a division in comparing the years affected. I have allowed for moderate increases in other items and for some decreases, particulars of which will be found in the White Paper which will be available when I sit down.
For Inland Revenue I estimate a yield of £239,000,000 in Income Tax, £57,000,000 from Sur-tax, £80,000,000 from Death Duties, £27,250,000 from stamps, and £2,500,000 from the remaining duties of Land Tax, Mineral Rights Duty, Excess Profits Duty and Corporation Profits Tax—giving a total for Inland Revenue of £405,750,000. The Income Tax estimate of £239,000,000 looks to a small increase of about £1,500,000 over the yield of last year. The information on which it is based includes many forecasts of their profits by trading concerns, and I should like to take this opportunity of acknowledging the assistance that they always give so readily to the Revenue authorities. These and other data point to the conclusion that, taken over the whole field, the trading profits of the year 1929, which will be the basis of the tax for 1930 are about the same as the profits for the year 1928, and accordingly I look for no more than the present yield in that part of the Income Tax that comes from the taxation of trading profits. The small increase in my estimate is due to the growth of other items in the field of charge. As regards the other Inland Revenue Duties, the only estimate that calls for special mention is the figure of £80,000,000 for Death Duties. In looking for £80,000,000 I hope to obtain much the same as was received last year it and the year before. This is so much higher than the yield of preceding years that I dare not count on any natural expansion this year. The Exchequer share of Motor Vehicle Duties I put at just under 2669 £5,000,000—£4,970,000. That makes a total tax revenue—the estimates of which I may say I have made on a conservative basis, not on a Tory basis—on the existing basis of £660,720,000.
Now as regards non-tax revenue, the net receipts from the Post Office—I hope the Committee will not shout "Penny post"—I estimate at £10,125,000; from Crown lands, £1,300,000, both showing an increase over last year. Receipts from Sundry Loans I expect to yield £33,000,000, or nearly £2,500,000. more than last year's estimate, which was exceeded by the actual result. But in any case the payment in respect of French War Debt is due to increase in the present year from £10,000,000 to £12,500,000. Miscellaneous Receipts, under which I propose to combine the two items hitherto known as Miscellaneous Ordinary and Miscellaneous Special Receipts, I estimate at £34,500,000. This is £4,000,000 less than the Budget estimate of last year. Receipts from Reparations will, owing to the transition from the Dawes to the Young plan, involving a reduction in the total German annuities, be £15,500,000 as against £19,300,000 estimated last year, and some further reduction in the estimate of miscellaneous revenue has been made because I can no longer expect those unforeseen items of the relics of the War to be as fruitful in their yield as in past years.
The total revenue for 1930, on the basis of existing taxation, I thus calculate at £739,645,000. The total expenditure I have already given as £781,909,000. The difference which I have to make good is £42,264,000. I will give the Committee one moment from which to recover from the shock of that statement. The amount is large, but for the current year there are, at any rate, resources available to reduce it.