HC Deb 12 April 1943 vol 388 c968

As regards Inland Revenue Duties, I put the yield of Income Tax at £1,175,000,000, an increase of £168,000,000 over the out-turn in 1942–43, this being due to the effect on various classes of incomes, including wages, of the very high level which has been reached by war production. The estimate allows for the concessions which I have announced in regard to allowances for dependent relatives and housekeepers. The Excess Profits Tax I estimate to yield £500,000,000. Here, again, the substantial increase of £122,000,000 on last year is due to the effect of the high level of war production and the fall in advance deposits during 1942 to which I have already referred. Estate Duties are estimated to yield £100,000,000, which is £7,000,000 more than the amount received last year, an increase due to the steady improvement in security prices. I expect Surtax to yield £80,000,000, Stamps £17,000,000, and Miscellaneous Duties £1,000,000, making a total for Inland Revenue of £1,873,000,000.