Income Tax

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Excerpt from Income Tax: How to Avoid Overcharges and Obtain Repayments, With a Chapter on Super-Tax Errors and overpayments are usually due to two causes - first, the incorrectness of returns, and, second, the fact that a large proportion of incomes generally are not paid for direct to the Revenue by the persons receiving them, but come through third persons, tax being deducted in the transfer. It is well known that no person is liable to Income Tax whose income does not exceed £135, but to prevent loss, the law charges all income, so far as possible, at its origin. Thus, a Public Company may have a thousand shareholders, of all degrees of wealth, perhaps a millionaire or two, several whose incomes run into thousands, a large number of fairly well-to-do persons, and, at the other end, some very poor persons who own only one share each, and whose entire incomes are perhaps less than £100 a year. If the Company makes a profit of £50, 000 a year, the Revenue makes one assessment of £50, 000 on it, and charges tax on the whole amount at the highest current rate. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.