§ The total revenue for 1947–48 was £3,845 million, being £346 million more than the revised budget estimate of £3,499 million. Of this, Customs and Excise duties produced a total of £1,421 million, a surplus of £10 million over the revised estimate of £1,411 million. Beer, wines and spirits accounted for £376 million, a surplus of £8 million. Tobacco, too, unfortunately produced a surplus—I say "unfortunately" because it shows that consumption has not gone down as much as was hoped. The excess over the estimate of £525 million has been £43 million making a total of £568 million. Receipts from Purchase Tax, of £246 million, fell short of the amount expected by £35 million. The new duty of pool betting, which came into effect on 4th January, has brought in nearly £3¾ million as against an estimate of £3 million. Of this, roughly £2 million has come from the totalisators at dog races, and the balance from football pools.
§ Turning now to Inland Revenue receipts, these have produced a record surplus over estimates of £214 million that is £1,799 million compared to an estimate of £1,585 million, and this excess is derived from almost every head of revenue. Income Tax, at £1,190 million is £104 million up, again a reflection of the increased profits and earnings, evidence of the inflationary tendency in the previous year. The Surtax accounts for £91 million an excess of £11 million over the estimate. Death duties gave 51 £172 million, a surplus of £17 million, and E.P.T. and Profits Tax together £289 million, a surplus of £83 million. Stamp Duties alone at £56 million have fallen short of the estimate, by £1 million. The large surplus on the Income Tax is not attributable to the interest charge, for the rate of collection has actually fallen this year compared with last year; but in the case of Surtax and E.P.T. there has undoubtedly been an acceleration of collection due to the interest charge.
§ So far as non-tax revenue is concerned the main feature is the large excess over the estimate for surplus stores and receipts from the trading services of Government Departments. Surplus stores, at £197 million, are £102 million over the estimate, and net receipts from trading services, mainly realisations of stocks, at £101 million, exceeded the estimate by £46 million. Miscellaneous Receipts, which included the £112 million of unspent Votes of Credit from previous years, realised £278 million as against the estimate of £303 million. So much then for the Revenue for 1947–48, all of it showing the results of the inflationary tendencies which existed.