Marquess of HARTINGTONasked the Chancellor of the Exchequer what was the total estimated yield to the revenue in Mineral Royalties Duty, Income Tax, and Super-tax from coal royalties during the 10 years, 1914–23, inclusive?
Mr. GRAHAMThe approximate net receipt of Mineral Rights Duty and Excess Mineral Rights Duty in respect of royalties of coal in Great Britain, during the 10 years ended 31st March, 1924, is estimated to be as follows:—
As regards Income Tax, I regret that it is not possible to earmark any part of the produce of the tax as contributed by any particular source of income. The amount of Income Tax and Super-tax borne by any individual depends, not upon the particular source from which his income is derived, but upon his total income, his family responsibilities and other factors.76W
£ Mineral Rights Duty 2,250,000 Excess Mineral Rights Duty 1,250,000 values exceeding £60. exceeding £40 but not £60, exceeding £20 but not £40, respectively, together with the number of those exempted as not exceeding £220?
Mr. GRAHAMThe collection of statistics as to the number of properties assessed to Inhabited House Duty has been suspended since 1914–15. The following table shows the total annual values of private dwelling-houses assessed to the duty in Great Britain for each of the years 1918–19 to 1921–22, inclusive. Corresponding details for 1922–23 and 1923–24 are not yet available.
The approximate amount of Income Tax payable in the firs: instance at the normal or standard rates in force during the period in question in respect of these royalties would amount to about £13,550,000, but, as indicated, this amount is subject on the one hand to diminution in respect of personal allowances, deductions and reliefs, and, on the other hand, to increase when the total income of the recipient is sufficient to bring him within the charge to Super-tax.