Towns > Edinburgh > 1846-1975 - Post Office Edinburgh and Leith directory > 1894-1895

920
PROPERTY AND INCOME TAX.
PROPERTY AND INCOME TAX.
[Acts 5 & 6 Vict. c. 35 -, 14 and 15 Vict. c. 12 ; 16 & 17 Vict. c. 34 ; 17 and 18 Vict. c. 10 and c. 24;
18 and 19 Vict. c. 20 ; 19 and 20 Vict. c. 80 ; 20 Vict. c. 6 ; 22 and 23 Vict. c. 18 ; 23 Vict. c. 14 ; 24
Vict. c. 20 ; 25 Vict c. 22 ; 26 Vict. c. 22 ; 26 and 27 Vict. c. 33 ; 27 Vict. c. 18 ; 28 Vict. c. 30 ; 29
Vict. c. 36 ; 30 Vict. c. 23 ; 31 Vict. c. 2 ; 31 and 32 Vict. c. 28 ; 32 and 33 Vict. c. 14; 33 and 34 Vict.
c. 32; 34 and 35 Vict. c. 21; 35 and 36 Vict. c. 20; 36 Vict. c. 18; 37 Vict. c. 16; 38 Vict. c. 23;
39 Vict. c. 16; 40 Vict. c. 13; 41 Vict. c. 15; 42 and 43 Vict. c. 21; 43 Vict. c. 14; 43 and 44 Vict.
c. 20; 44 Vict. c. 12; 45 and 46 Vict. c. 41; 46 Vict. c. 10; 47 and 48 Vict. c. 25; 48 and 49 Vict.
c. 51 ; 49 Vict. c. 18 ; 50 and 51 Vict. c. 15 ; 51 Vict. c. 8 ; 52 Vict. c. 7 ; 53 Vict. c. 8 ; 54 and 55 Vict.
c. 25; 55 and 56 Vict. c. 16 ; 56 and 57 Vict. c. 7 ; and 57 and 58 Vict. c. .]
Schedule A. — (Real Pro2oerty.') On each 20s. of | or gains. (13 and 14 Vict. c. 12; 16 and
annual value of lands, tenements, and heri- 17 Vict. c. 34, § 46 ; 43 and 44 Vict. c. 20,
tages, in respect of ih.e property, 8d. § 52.)
Schedule B. — (Occupancy of Real Property.") On Person sustaining loss in any trade or pro-
each 20s. of annual value of lands, tenements,
and heritages (other than a dwelling-house
separate from a farm), in Scotland, in respect
of the occupancy, i\di.
Schedule C. — (Public Funds.') On each 20s. of
annual amount of profits from interest, an-
nuities, dividends, and shares of annuities,
payable out of the public revenue, 8d
Schedule D. — (Trades and Professions.) On each
20s. of annual amount of gains, profits, or re-
turns, from trades, professions, employments,
or vocations, or from personal or other property
not included in schedules A, B, 0, or E, 8d.
Schedule E. — (Public Salaries.) On each 20s. of
annual amount of salaries, pensions, or an-
nuities paid out of the public revenue, or for
public offices or employments, 8d.
Exemption and Abatement. — Under the Act 39
Vict. c. 16, § 8, persons whose whole incomes
from every source do not exceed £160 a year
are exempted. Persons whose incomes amount
to £160 a year, but to less than £400 a year,
.are entitled to an abatement equal to the duty
upon £120 of their income.
Deductions. — Deduction is allowed, when
claimed, of any annual premium (not exceeding
one -sixth part of the claimant's income from
every source) paid for insurance, or defeiTed
annuity, on the claimant's own or his wife's
life, to any insurance company in existence on
1st November 1844, or registered pursuant to
Act 7 and 8 Vict. c. 110 ; or of any annual pay-
ment made under Act of Parliament to a
widows' or children's fund.
By 41 Vict. c. 15, § 12, provision is made for
deduction for diminished value by wear and
tear of machinery or plant used in any trade,
manufacture, adventure, etc., the profits or
gains of which are chargeable under the rules
of schedule D.
By the Act 19 and 20 Vict. c. 80, landlords in
Scotland are entitled to relief (either by abate-
ment or by repayment) from any amount of
income tax which may be assessed upon them
in respect of the annual value of such rates,
taxes, assessments, and public burdens, as may
fession carried on by him, either solely or in
partnership," or in farming of lands, may, on
application to the commisirioners through the
district surveyor of taxes within six months
after the year of assessment, obtain repayment '
of so much of the Income Tax on his aggregate
income as represents the tax on income equal
to his loss. (53 Vict. c. 8, § 23.)
Rates of Property and Income Tax per £.
Abatement o/£160 on Incomes under £400, and of
£100 where the Incomes are over £400 hut
do not exceed £500.
DEDUCTION OF INCOME TAX.
1. Dividends and interest from the public funds,
foreign loans, foreign or colonial companies, in-
terest of money borrowed on the security of rates,
and official salaries and pensions, are subject to
deduction of Income Tax at the rate in force at
the date of payment.
2. Mortgage interest, feu-duties, and ground
annuals are subject to deduction of Income Tax
be charged upon them and not charged upon I at the rate or rates in force during the period in
landlords in England. which they have been accruing.
Occupiers of lands for the purposes of husbandry Note. — No. 2 forms a guide for the deduction of
only are entitled, on proof to the satisfaction Income Tax from dividends or interest payable
of the commissioners, to an abatement of duty ] out of the profits or gains of public companies in
proportionate to the deficiency of their profits i the United Kingdom.