The first and second prizes of the Calcutta Derby sweep have gone to the United Kingdom, a total of some £90,000, and a violent discussion has arisen locally upon the liability for taxation of this amount. The question at issue is whether, for Treasury purposes, the prizes can be classed as income, capital, a legacy, or a mere importation of bullion. One section contends that the _attitude of the Treasury will simply be to note the men winning the prizes and stick them for income tax in the future, on the principle that at present it is merely an addition to capital. But then come the others, pointing out that the amount paid' to the lucky men is in reality interest on an investment. They have invested (vide the adver-fisements of any turf accountant) so many pounds or shillings in the sweep, and the prize constitutes interest' on that amount. If this view is correct, the Treasury will levy six shillinge in the £ or whatever may be the rate on unearned increment. The legacy people seem rather to have neglected the payment of Death Duty, though doubtless they have a way of getting round this which has not yet been put before us. So the simplest way seems to call it an importation of bullion, and take chances with all the other parts of the law.
Text read from the printed page and cleaned; old type leaves the occasional error.