§ Mr. SMEATONasked the Chancellor of the Exchequer what, under the new scheme of taxation, will be the differential rates applied and the total income tax levied, respectively, on an income of £2,100, of which £1,000 is earned and £1,100 is unearned, and on an income of £1,800, of which £1,000 is earned and £800 unearned; and from what date will the new scheme of income taxation come into operation?
§ Mr. LLOYD-GEORGEOn the basis of taxation indicated in my Budget statement the answer to the first part of the question is as under:—
1333W As regards the latter part of the question, the new provision in relation to income tax will come into force as from the 6th ultimo.
Income. Differential Rates of Income Tax to be applied under the Budget Proposals. Income Tax to be Levied. Earned £1,000 1s. in the £ £50 0 0 Unearned £1,100 1s. 2d. the £ £64 3 4 Totals £2,100 £114 3 4 Earned £1,000 9d. in the £ £37 10 0 Unearned £ 800 1s. 2d. the £ £46 13 4 Totals £1,800 £84 3 4