Skip to main content
Hide Articles List

21 articles on this Page

Advertising

THE BUDGET.I

News
Cite
Share

THE BUDGET. I PROPOSED NEW TAXES. INCREASED ABATEMENT TO SMALL INCOME TAX PAYERS. Mr. Lloyd George (Chancellor of the Ex. chequer) introduced his Irst Budget in the House of Commons on Thursday. On Wednesday night the Cliancellor issued UI explanatory memorandum with respect to hc revenue and expenditure of the United Kingdom durin" the past year and the current I fear--an admirable innovation on the eve of the Budget. The revenue for 1909-10 is esti- nated at £ 148,390,000, and the total expendi- ture at £ 164,152,000, trie deficit to be provided tor thus amounting to £ 15,752,000. The esti- mate of revenue is more than three below that estimated for la-st year. It has been aecessary to make large reductions under the beads of both Customs and Excise. The in- ireased estimates of expenditure for the current year are due to the charge for old ago pensions Hid the greater cost of the Navy. The me- morandum dealt with the conditions of last gear's finaneo, the decrease in foreign trade, the yield of the death duties, and the reduction of the Nationa Debt.. There was a crowded House when Mr. Lloyd George rose, and he was greeted with hearty fheers. He said that fresh heavy burdens must be anticipated next year with regard to Navy and Social Reform. There would be no loan to meet his liabilities. Nex year he hoped to re- move pauper disqualification in Old Act Pen- lions The Government were considering the question of Industrial Insurance, and agreed that any scheme must be compulsory and self- contributory and Sta,te-aided. preserving un- touched existing benefit societies. His financial arrangements would be such that if necessary arrangements could be made for laying down eight Dreadnoughts by April 1st, 1910, without resorting to loan. The Government proposed to give a grant of 8200,000 to assist the development of afforesta- tion and the promotion of various agricultural objects. £ 100,000 would be required for Labour Exchange buildings this year. The amount to be found was £ 16,112,000, which included de- velopment and other grants. He proposed to reduce the fixed debt charges this year by £ 3,000,000. He proposed to tax motors in Ire- land, and to have a new scale for the whole Kingdom, based on power but not on weight. The scheme was as follows:—Cars under 6 b.p., 2 guineas; cars under 12 h.p., 3 guineas; under 16 h.p., 4 git neas, under 26 h.p., 6 guineas; under 33 h.p., 8 guineas: under 40 b.p., 10 guineas; under 60 h.p., 20 guineas; above 60 h.p., 40 guineas. The tax on doctors' cars would be one-half and a JB1 on motor cy- cles. He proposed a tax of 3d. per callon on petrol for motors. There would be a rebate of ealf on commercial motors. He proposed to raise income tax from Is. to Is. 2d. on incomes over £ 3,000. In case of in- Come, under JS500. an abatement of £10 for each child of the family under the age of 16 would be allowed in addition to the existing •batement. Thf tax on the earned incomes in the case of persons whose incomes did not ex- ceed £ 3.000 to remain at 9d. up to £ 2,000, and be Is. between £ 2,000 and £ 3,000. A sup?r tax on all incomes over £ 5,0€0 in so far as they ex- ceed £ 3.000. All abatements on income tax to be restricted to residents in the United King- dom. He proposed to readjust the graduation of the Death Duties ItS follows £ 5 000 to €10.000. 4 per cent £ 10,000 to £ 20.000, 5 per cent. £ 20,000 to £ 40,0C0. 6 per cent. £ 40.000 to 270,000, 7 per cent,. £ 70.000 to £ 100.000. S per cent. £ 100.000 to £ 3.50,000. 9 ner cent. E150,000 to £ 200,000. 10 per cent. £ 200.000 to C400,000, 11 ner c-nt. £ 4f!0.000 to £ 600,000. 12 percent.. £ 600,000 to £ 800 000, 13 per cent. S800.000 to £ 1,000.000, 14 per cent.; above F.I.OCO,OW. 15 per cent. On incomes of £ 5.000 and over. there would be a supertax of sixpence in the £ on the amount by which tii- income exoeeds £ 3.000. He proposed that the minimum dllt-v on licensed houses in rural and urban districts, with populations of less than 2.COO hould be E5. Other minimum charges won'd b" P,10 over 2.000 popuHtior. £ 15 over 5 000 popula- tion, £ 20 over 10 000: P,30 over 50,000: £ 35 over 100.000. H" nropo=od that beer licences should be one-third of the annual value. He slso proposed to make speoifl concessions to bona fide hotels and restaurants. H" proposed to rovi--? the whole system of exci""» liquor licences. He proposed to graduate th. scale of duties on liquor manfuacturers according to the kind of liquor made. The changes in licence dutif.- would raise the revenue bv £ 2,600.000 and he added that the ndjusted rates on --rocers' licences would bp appl-cable to the whole of the United Kingdom H" proposed that licejnocs should ho ns*e-=sed for taring pur- poses on the fame principle 0'" ."Jt;ch th^y were for compensation. This would, how- ever, require a new assessment. In the ca-<? of filubs. it was proposed to levy a tax of 3d. in the £ upon receipts from the fale of liquor. He also proposed a graduated scale for brewers and distillers' licences according to the amounut produced, and various change* with regard to the retailers' licences. A tax would be levied on the increment of values accruing to the land throusrb the en- terprise of the community or the landowner's neighbours. The tax and valuation of the land would not be retrospective. The tax would be 80 per cent. of the unearned increment which the landowner received. He proposed to charge an annual dutv of one-halfpenny in the £ on the capital value of undeveloped land, pure agricultural land excent^d. A tax of one-half- penn- in the £ would be imposed on mineral royalties, and he estimated that £ 350,000 would result from these two sources. He estimated that the land taxes would produce half a mil- lion in the first year In regard to spirits, he proposed to increase the present customs and excise duties by 3s. 9d. per gallon. The increas- ed spirit dutv would yield £ 1,600.000 this year. I Upon manufa^tn--o'l fob-rcn he proposed an in- crease of 8d. per lb. The increased tobacco duty would yield LI,900,000 this year and EZ250,000 in a full year

NEW TAXES AT A GLANCE.

A Merthyr Compensation.

Theatre Royal, Merthyr.

NELSON.

CEFN COED.

Advertising

-.-2-"'-..-DOWLAIS. |

:ABERCANAID.

Gallant Rescue from Drowning…

TROEDYRHIW.

ABERFAN.

Sir Marchant Williams at TredegarI

Gruesome Discovery at Gilfach.

Trade Union or Friendly Society?

----- -------THE BLAENNANT…

ABERDARE COUNTY COURT.

Advertising

Advertising

ABERDARE COUNTY COURT.