There will be no reductions of importance in any existing taxes. New Toxes:—
The Betting Tax From November 1 a duty of 5 per cent, will be levied on the sum inverted by the punter in all bets made on credit anywhere and on all bets made by cash on racecourses. There will be no taxation on street betting. The bookmakers will be responsible for the payment of.the tax, which will be assessed on returns made by bookmakers in the care of credit bets and by stamps which will have to be affixed each bets on racvcourses, Relief from the duty will be allowed in the care of bets laid off and bet: which for any reason, such as th abandonment of a are void Bookmakers will be required to take out an annual certificate at a cost of £10 and to pay £10 in addition for the registration of every set! Of premises rixed for credit betting. Estimated yield of the tax this year: £1,500,000; in a full year £6, More Taxes on Motors Imported Commercial Motor Yeh jules; From Saturday Mok Guties of 334 per cent, exter ed to commercial motor" vehicles, ambulances and _omnibuses, year £300,004 £950,000. agreement with the Irish Free State as to income tax, whereby each Government will charge tax only on those who actually reside in their own territory, thus avoiding the payment of double tax, Dump-
3 is to be prevented. All importers must give guarantees of the payments of duties from the earliest possible date.
Probable substitution next year a tax on petrol for the existing horse-power tax on motor ears, 'There is at present a surplus in the Road Fund of £19,000,000. Of this the Treasury will take' £7,000,- 000 as representing the luxury and pleasure aspect of motoring. The estimated revenue from. motor, laxation during the coming year, including that from the increased duty on heavy vehicles, is £21,600, 000. Of this the Treasury will take' £3,500,000.
+£10,000,000 more is to be used for} debt reduction next year, making £60,000,000 altogether for the Sinking Fund, The surplus of £4, 109,000 is to be kept in hand to meet any unforeseen contingencies, French Government's Payment The French Government un condi clonally promises £000,000 this year repayment of debt.
Estimates of the Admiralty, War Ofice and Air Minisry are in future {tobe conser and presenta ju This is understood to foreshadow an amalgam into one Minis [fy of Defence, (On there T may make a few com monte. It is clear that the religions World will be on its hind legs denounce the Betting Tax. Inas-all' other countries are chat we intend todo, and are making 2 large return out the ordinary indieklval fs not great perturbed. As a mater of fact too, we are any" taxing credit bet: ting andthe law ae ie stands. with regard to. betting in. general will Femain unaltered. On' the. other hand, many people think' that: the Chancellor's financial estimates in onmoxion with this tax. are. all wrong, Book-makers only carry Ueit" business during "stceplechas ing in the winter to keep it together [and to benefit their clients, They do not make much out of tke Hence Tdo not think that ans" of them Packing and Wrapping Paper: A in! will bother about taking up their import duty of 16% per cent to the work except when flat racing is in levied from Saturday on all iniports.
Progress. Even then it is quite Estimated yield: This year £450,- possible that there will be a re 000; in a full year £550,000. friction in the number of bookmakers who will not want to be Optical Glass: Duty on imported bothered with paying taxes to the optical glass and instruments to State. Mr. Churchil} seems to think be increased on Saturday fron 32% per cent, to 50 per cent. Extithat they can pars the tax on to the punter i ape of variation. mated yield of inereae: This year of odds. This is, of course, quite 50.000; in a full year £60,000, impossible.
Motor Vehicles Duties: Increase 'MeKenna Duties Popular an average of one-third in the existing R ud duties en the Everyone, except the Liberals and' larger motor-omnibuses, coaches, Labour, likes the proposals with Jerries, and road locomo The regard "to the MeKenna duties and new seales, which vary progressively: the standardization over 10 years cording to the size of the vehicles, of Imperial Preference. It is sur-i come prising that Labour does not see the 000; in a full year £2,345,000, Beer and Other Taxes advantage of these duties to home industry but their attitude is for the most part mainly dictated by polities rather than by economics.
Beer Duty: The period of credit allowed to brewers for the payment, of the Excise Duty on heer ty be reduced from three months to two months, This means that the Tr sury will this year receive tux for} 19 months instead of 12 months, Many people will object to the raiding of the Road Fund but of course it was absurd to think that the State could go on indefinitely allowing this heavy revenue source to be earmarked for one purpose alone.
Estimated increased yield this year only £5,600,000. Total yield of new taxes this 1£8,250,000; in a fall year £9,305,000, Other Tax Changes, All articles! more than 100 years old other than wines and spirits to be admitted free of any duty from Saturday. Excise duty on home-grown chicory repealed. Abolition of the three. years avernye for assessments of income tax. The tax in future sessment the previous year.
will be made to the change. Existing Key Industry Duties and Imperial Preference rates to be stabilized for a period of ten years. Excess Profits Duty to be finally wound up. No further appeals. Effect to be given to.an The Wrapping Paper proposal have caused the "Daily News" to shed bitter tears and it is endeavouring to persuade the public that the Government is trying to break: its election pledges. This is not the case, because in its electorial promises' of 1924, it clearly stated that it was going to take action of this nature.
Tu the Estimates Mr. Churchill does not given much hope that he will reduce taxes.
Perhaps we shall save a little by Ministry of Joint Defence; there is some hope that this may be created.
The debt reduction is honestly and fairly dealt wi though the Chancellor anticipates! next year a surplus of £14,000,000 he is not going to reduce taxation
Text read from the printed page and cleaned; old type leaves the occasional error.