§ Mr. CURRIEasked the Chancellor of the Exchequer (1) what will be, under the new Income Tax law proposed, the maximum period in any one year for which an alien may continue to reside in the United Kingdom without rendering himself liable to Income Tax and Super-tax on his income earned abroad and spent or reinvested there; and (2) under the new proposed Income Tax law, which extends the liability for Income Tax and Super-tax to the entire income earned in the Colonies or abroad, and not as heretofore restricts it to the proportion only of such income as may be brought into the United Kingdom, what will be in the position of citizens of the British Dominions who, for the purpose of spending a portion of each year in the Mother Country, have acquired residences here; if they are to pay tax and Super-tax on their entire incomes, in addition to similar taxes imposed in the Colonies in which they reside; and is it proposed to allow them any length of time within which they may dispose of their residences here so as to avoid becoming liable for the proposed additional taxation?
§ Mr. LLOYD GEORGEI can add nothing at present to the reply I gave to the right hon. and learned Member for the Hallam Division of Sheffield on the 13th instant.
§ Mr. CASSELasked the Chancellor of the Exchequer whether he is yet in a position to state what is the true revenue which he anticipates will be received in Ireland during the current financial year and the year 1915–16, respectively, from the new taxes proposed by the Budget, distinguishing the increased amounts which it is anticipated will be received in respect of Income Tax, Super-tax, and Death Duties, respectively?
§ Mr. LLOYD GEORGEThe contribution of Ireland towards the yield of the increased taxes proposed in the Budget is estimated as follows:—
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1914–15 1915–16 £ £ Estate, etc., Duties 20,000 75,000 Income Tax 164,000 185,000 Super-tax 75,000 175,000 259,000 435,000
§ Mr. AMERYasked the Chancellor of the Exchequer what is the total annual cost of assessing and collecting the Income Tax; and what the cost is estimated to amount to under the present Budget?
§ Mr. LLOYD GEORGEThe total cost of assessing and collecting the Income Tax (including the Super-tax) in 1913–14 is estimated at about £1,250,000. The additional cost involved in the current year by the Budget proposals cannot be definitely estimated at present. It will, however, be very small in proportion to the additional revenue obtained.
§ Mr. THEODORE TAYLORasked the Chancellor of the Exchequer what number of Income Tax payers he estimates will be relieved by the reduction of the Income Tax by 2d. in the £ upon unearned incomes of £300 per annum and under; and what is the estimated cost to the Exchequer as compared with the present rate of 1s. 2d. in the £, and as compared with the new rate of 1s. 4d. in the £ as proposed in his Budget speech, respectively?
§ Mr. LLOYD GEORGEIt is estimated that about 460,000 Income Tax payers with total incomes, wholly or partly unearned, exceeding £160, and not exceeding £300, will be entitled to receive relief by the reduction of the rate on the unearned portion of their incomes to 1s. in the £. The diminished yield involved by this concession, as compared with a general rate of 1s. 2d., is estimated at £120,000 in a full year, and as compared with a general rate of 1s. 4d., at £240,000 in a full year.
§ Mr. THEODORE TAYLORasked the Chancellor of the Exchequer what is the estimated number of taxpayers, having unearned incomes of over £300, but not exceeding £500 per annum, who are to be relieved from paying the additional Income Tax of 2d. in the £ upon unearned incomes; and what would have been the addition to the revenue if such addition were to be carried into law?
§ Mr. LLOYD GEORGEThe estimated number of Income Tax payers having total incomes (wholly or partly unearned) exceeding £300 and not exceeding £500, who will be entitled to relief from the additional 2d. upon the unearned portion of their incomes is 210,000, the diminished yield involved by reason of the concession being estimated at £130,000 in a full year.
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§ Mr. MITCHELL-THOMSONasked the Chancellor of the Exchequer whether he will grant the Return standing in the name of the Member for North Down? [Return showing the estimated yield, on the basis of the proposed alterations, of the Death Duties, Income Tax, and Super-tax, respectively, in Ireland, for the years 1914–15 and 1915–16, respectively].
§ Mr. LLOYD GEORGEsubmitted the following table:—
ESTIMATED CONTRIBUTION OF IRELAND. — A. Revenue as Estimated to be Contributed if no Alterations in Taxation had been Proposed. B. Contribution to Additional Taxation in 1914–15. C. Contribution to Additional Taxation in 1915–16. 1914–15. 1915–16. £ £ £ £ Estate, etc., Duties … … … 1,060,000 1,080,000 20,000 75,000 Stamps … … … 371,000 375,000 — — Income Tax … … … 1,401,000 1,415,000 164,000 185,000 Super-tax … … … 105,000 105,000 75,000 175,000 Land Value Duties … … … 12,000 15,000 — — 2,949,000 2,990,000 259,000 435,000