asked the Minister for Finance if he will state in respect of each of the last three financial years for which the information is available (a) the gross income of the persons assessed to income-tax; (b) the total taxable income; (c) the net produce of the tax; (d) the average effective rate of tax levied on each pound of actual income, and (e) the net produce for each penny of the normal rate of tax.
Ceisteanna—Questions. Oral Answers. - Income Tax Returns.
As the answer to this question contains a tabular statement, I propose to have it circulated with the Official Report.
Following is the answer:—
1939/40 |
1940/41 |
1941/42 |
|
£ |
£ |
£ |
|
(a) Gross Income assessed to Income Tax |
68,387,400 |
70,296,300 |
71,200,000 |
(b) Total Taxable Income |
25,499,100 |
27,402,500 |
29,000,000 |
(c) Net produce of the Tax |
5,764,800 |
7,349,000 |
9,178,000 |
s.d. |
s.d. |
s.d. |
|
(Standard Rate of Tax in the £) |
56 |
66 |
76 |
(d) Average effective rate of tax levied on each pound of Actual Income |
23 |
28 |
33 |
(e) Net Produce for each penny on the Standard Rate |
£ 87,345 |
£ 94,218 |
£ 101,978 |
The figures given for the year 1941/42 are estimates.