ally in January. The rate of duty is fixed by the Commissioners quinquennially on the full estimated annual value of all houses of the rental value of £20 or more, less local rates. The quinquennial assessment of 1900 is at present in force for the metropolis, the present rate of duty being as follows:-On inhabited houses the annual value of which exceeds £20 but does not exceed £40, if used for the sale of goods, the shop or warehouse being on the ground floor; or for the retail of beer, wines or spirits; or if occupied by any person carrying on the business of an hotelkeeper, inn-keeper, or coffee-house keeper, although not licensed to sell therein by retail, ale, wine, or other liquors; or is occupied by a tenant or farm servant for husbandry purposes only, for every 20s. of annual value, the sum of 2d. If not so used or occupied, 3d.

When the annual value exceeds £40 but does not exceed £60, if used or occupied as above, 4d. If not so used or occupied, 6d.

When the annual value exceeds £60, if used or occupied as above, 6d. If not so used or occupied, 9d. Lodging houses, if registered, are subject to the reduced duty only. Artizans' dwellings (where the annual value of each dwelling does not amount to £20) are exempt.

Tenements, or parts of tenements, occupied solely for purposes of trade, or for purpose of any profession or calling, are exempt from duty (see Vict. c. 12, S. 24).

44

Income Tax is collected under five Schedules. Schedule A is the landlord's tax, and is based on the rent or annual value of the property rated less the statutory deduction for repairs.

These are as follows:

1. Lands (inclusive of the farm house and other buildings, if any) one-eighth of the full annual value.

2. Houses or buildings (exclusive of farm houses or buildings assessed with lands) onesixth of the full annual value; but where a tenant pays cost of repairs, the deduction is not to exceed such a sum-not being more than one-sixth of the annual value-as will reduce the net assessment to the actual amount of rent.

The tenant pays this tax, but, as is shown above, is entitled to deduct from the next payment to the Landlord for rent the whole amount, or such part of it as represents the actual annual rental. (See below.)

Schedule B is for incomes derived from the use of land by farmers and others, and is based on the rent paid, the assessment being one-third o the rent or annual value, including Tithe Rent charge (if any).

Schedule C applies to incomes derived from Government dividends and annuities.

Schedule D is for trade and professional incomes, and those not included in any other Schedule. Under this Schedule the tax is payable annually on or before January 1st, and is based, not on a person's actual income for the past year, but on an estimate of what it is likely to be for the coming year (or rather on the year ending April 5th ensuing), such estimate being obtained by ascertaining the average of the three years ending April 5th immediately preceding that date (January 1st) on which the person's accounts were made up to. The rate per £ varies according to the requirements of the Government, as indicated in the Annual Budget.

The Finance Act of 1897 enacts that where the total joint income of a husband and wife does not exceed £500, and they are engaged in separate businesses, if the income of each is under the limits within which abatements may be claimed, they shall nevertheless be entitled to claim same,

Persons who pay life assurance premiums are entitled to deduct the amount of annual premium from the estimated income to the extent of one-sixth of the income by filling up the space left on the official forms for the purpose. But should the income thereby be reduced below the above limits, such deduction will not entitle to total or partial exemption. Schedule E is for persons employed by public companies, corporations, &c.

The rate of Income Tax for the present year is IS. 2d. in the under each Schedule. Relief is given in certain cases under Schedule A to the extent of or of the assessment. Under Schedule B the tax is charged at the full rate on one third of the full annual value of the lands without any deduction.

Incomes not exceeding the following sums are entitled to the abatement named against each :-Not exceeding £400 an abatement of £160; £500 of £150; £600 of £120; £700 of £70. The following shows amount payable on incomes varying from £200 to £1000:

Tax. d. £ s. 200... 2 6 8 250... 5 5 0 300... 8.3 4 350...11 1 8 400...14 0 0 450...17 10 0

Tax. £ s. d. 500...20 8 4 550...25 1 8 600...28 0 0 650...33 16 8

700...36 15 0 750...43 15 0

Tax.

The Land Tax is payable under Schedule A of the Income Tax and is paid by tenant and deducted from rent. There is a fixed quota for each parish which, under the Finance Act, 1996, is not to exceed one shilling in the L.

Under the Finance Act of 1898, owners of property whose incomes do not exceed £160 are relieved of payment of land tax, while an allowance of half the tax is made to owners whose incomes exceed £160 but do not exceed £400.

When land tax has been assessed, a certificate from the surveyor of taxes allowing total exemption or abatement, as the case may be, must be produced before the amount of the assessment has been paid.

The owner of any land may in any year redeem the Land Tax charged on such land by payment of a capital sum, equal to thirty times the sum assessed on such land by the assessment last made and signed, and such sum may be paid either in a single payment or by such annual instalments as may be agreed upon with the Commissioners of Inland Revenue, and interest at the rate of three per cent. per annum on so much of the capital sum as remains unpaid shall be payable with each instalment, and all the instalments remaining unpaid may be paid at any time.

Leases. For a definite term under a year of any unfurnished dwelling the rent of which does not exceed the rate of £10 a year the stamp duty is 1d.; of any furnished dwelling, or apartinent, the rent of which exceeds £25 a year for such term, 2s. 6d.

Under 35 ye rs.

35 to 103

Above

years.

s. d.

s. d.

s. d.

06

3 0

6 0

1 0 6 0

12 0

1 6 9 0

18 0

20 12 0

24 0

25 2 6 15 0

30 0

5 0 30 0

60 0

For every additional £50 and fractl. part of £50

10 0 60 0 120 0

Legacy Duty.-Legacy Duty is payable on all legacies willed by a deceased person, on the following scale:-To children of the deceased, or their descendants, or to the father or mother or other lineal ancestor of the deceased, £1 per cent.; to brothers and sisters of the deceased, or their descendants, £3 per cent.; to an uncle or aunt or their descendants, £5 per cent.; to a great-uncle or great-aunt, or their descendants, £6 per cent. ; to any person in any other degree of collateral consanguinity, or to a stranger in blood to the deceased, £10 per cent. Legacy to a husband or wife is chargeable with Estate Duty, but not Legacy Duty. (See also Estate Duty.)

Limited Liability Companies.-The Capital of Companies with Limited Liability, otherwise than under the Companies Act, is liable to a stamp duty of 25. for every 100. Statement of capital is to be delivered to the Commissioners of Inland Revenue within one month after date of letters patent or passing of Act, under a penalty of 10 per cent. per month for every month after the first month.

Companies Limited by Shares are liable upon the nominal capital, original or increased, to a duty of 5s. per cent.

Male Servants of any age require a licence which costs 15s. and expires Dec. 31, but, a person who is bona fide engaged to serve for part only of each day and does not reside in his em ployer's house is exempt.

Marketable Security.-(1) Marketable Security. (a) A Colonial Government Security, or (b) a Security not transferable by delivery, or (c) a Security transferable by delivery. The same ad valorem duty as upon a mortgage.

(d) A Foreign Marketable Security issued abroad and interest payable there if assigned, transferred or negotiated in the United Kingdom after 1st. Aug., 1899. For every £10 or part thereof, is.

(2) Transfer, Assignment, &c., of a Marketable Security

Upon a sale thereof, see Conveyance.

Upon a mortgage thereof, see Mortgage of Stock or Marketable Security.

In any other case, 10s.

(3) Marketable Security (except a Colonial Government Security), transferable by delivery.

For every £10 or part thereof, IS.

(4) Marketable Security (except a Colonial Government Security) as last aforesaid given in substitution for a like security duly stamped in conformity with the law in force at the time when it became subject to duty

For every £20 or part thereof, 6d.

Mortgage Bond, &c. (except a marketable security):

(1) Being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of moneyNot exceedingNot Exceeding£150

200

£0 3 9
050
0 6 3
076

0 1 3 250
026 300

Exceeding £3co, for every £100, and fractional part of 100-2s. 6d.

(2) Being a collateral or auxiliary, or additional or substituted security (other than an equitable mortgage), or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped

For every £100 or part thereof, 6d.
(3) Being an equitable mortgage-
For every 100 or fractional part, Is.

(4) Transfer, Assignment, Disposition, or Assignation of any mortgage, bond, debenture, or Covenant (except a marketable security), or of any

£10

25

50

100

money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment—

For every 100 or part thereof (exclusive of interest which is not in arrear), 6d.

(5) Re-conveyance, Release, Discharge, Surrender, Re-surrender, Warrant to Vacate, or Renunciation of any such security as aforesaidFor every £100 or part thereof, 6d.

Poor Rate. This is an important rate, as the amount of assessment for Poor Rate is taken as a basis for all other local rates. A valuation list is prepared periodically by the Overseers, and, after publication, is sent to the Poor Law Guardians. After hearing any objections that may be made, they modify, the list as they think fit and sign it. It is then taken as the basis for making various rates for the ensuing twelve months; taxpayers should therefore be particular to see that the amount of their assessment for this rate is correct. An important point to note is that where the tenant does the repairs,* one-sixth of the Gross Rental is allowable for doing them, and this reduced amount is the amount on which the rate

£0 0 3

0 0 8

is payable. Notice is usually given of the rateable value, and not of the gross value, except in the quinquennial year, when the gross value is notified. This gross value is arrived at, in cases of leases, or where the tenant repairs and pays insurance, by adding a percentage according to the duration of the lease or agreement; thus. say the rent is £60, 10 per cent. would be added. for a supposed lease = £65, and one-sixth being deducted from this would give £55 as the rateable value. The tenant seeing that this was less than the rent would be satisfied but should there be no lease, and should repairs be done by the tenant, the proper amount would be £60 less one-sixth = £50.

The proper time to object is before the assessment list has been signed by the Guardians; after that, the only appeal from their decision is to quarter sessions, or on structural alterations or new lettings.

Police or Watch Rate.-By the 2nd and 3rd Victoria for regulating the Police in the City of London, all premises in the City, whether occupied or otherwise, are liable for this rate. The amount payable is arranged on the basis of the Poor Rate Assessment; it varies according to circumstances, but is usually 5d. in the Of this 2d. is payable for the first quarter, and id. each for the other three quarters. In other places this rate is included in the Borough rate (Municipal Corporations Act, 1882), and the amount is collected with the Poor Rate.

Probate Duty Grant.-The probate duty grant to local authorities was replaced in 1894 by a grant out of the estate duty derived from personal property of a sum of one and a half per cent. on the net value of the property which would, but for the substitution of estate duty, have been chargeable with probate duty.

Railway Passengers' fares.-(Except fares not exceeding 1d. per mile). Urban District traffic 2 per cent.; other 5 per cent.

Receipts for the payment of £2 or upwards, id.

The School Board Rate is levied upon the total rateable value (Poor Rate), and the amount varies according to the expenditure of the local School Board. In some places the School Board issue a precept on the Council for the

In some places it is where the landlord does the repairs that the deduction is made as it is assumed that when the tenant does the repairs he is getting the premises at a lower rental than he otherwise would,"

amount they require, and the Council in turn issue a precept on the Overseers: or Guardians who collect the School Board Rate with the Poor Rate.

Water Rate.-This varies very considerably both in amount and in basis in different localities, but is usually payable half-yearly at Lady Day and Michaelmas. One of the oldest London Companies is the New River Company, and the manner in which their charges are arranged may be taken in some measure as fairly representative of others.

By the Water Rate Definition Act (1885) the "Annual Value" is declared for the purposes of this Company within the Metropolitan area to be the rateable value of the premises as settled by the local authorities. If such value does not exceed £200, 4 per cent. is charged for the water supply; if it exceeds £200, 3 per cent.; services more than 160 ft. above Trinity high water mark are charged 1 per cent. extra.

A further charge is made for baths and water closets as follows:-

If annual value exceeds

£30 but not £50, 4s. for one w.c. or bath. £50 ,, £100, 6s. £100 £200, 8s. £200 »£300, 10s. And for each additional w.c. or bath half the

"2

""

above rates.

Supplies for warming purposes, washing carriages, fountains, watering gardens, &c., are not included, and are charged for extra ad val.

TRADERS' EXCISE LICENCES.
Auctioneers' and House Agents', £2, expire
July 5.

Appraisers', £10, expire July 5.
Bankers', £30.

Brewers-Brewers of Beer, 20s. (exp. Sept. 30). But if not for sale, and annual value of house not exceeding 15-95. If not for sale, and annual value of house not exceeding £10, and for domestic use, 45. Brewers (not for sale) in premises not exceeding £8 annual value are exempt. Chemists' or others using a spirit still, 1os. Conveyancers', £6 to £9.

Distillers', Rectifiers', Compounders' or makers of Methylated Spirits, 10 10s., expire July 5. Game Dealers', £2, expire July 1. Hawkers', £2, expire Mar. 31.

Passenger Boats on which liquor or tobacco is sold, £5; one day only, I.

Pawnbrokers', £7 10s., expire July 31. Patent Medicine Makers' and Dealers', 58., cxpire Sept. 1.

Plate Dealers', selling 2 ozs. of gold and 30 ozs. of silver and upwards, £5 15s.; under these weights, £2 6s., expire July 5.

Playing Card Makers' and Sellers', £1, expire Sept. 1.

Publicans' (Beer).-Sellers of Beer wholesale, not being brewers, £3 6s. 1d.

Do. (England and Ireland for an additional licence to retail not to be consumed on the premises, 1 5s.

Retailers of Cider, Beer, and Perry in U. K. to be consumed on the premises, 70s. Do. in England, not to be consumed on the premises, 1 5s.

Retailers of Beer and Wine in U. K. to be consumed on the premises, £4.

Do. not to be consumed on the premises, £3. Do. occasional licences for every day not exceeding 3 days at one time, Is.

Six-day or early closing licences to retailers of intoxicating liquors for consumption on the prem ises are granted at 6-7ths, and six-day and early closing licences at 5-7ths of the foregoing rates.

Retailers of Beer, Cider, or Perry whose premises are rated under £10 per annum (ScotÎand), £2 10s.

Do. at £10 per annum or upwards, £4 4s. Retailers of Table Beer, at a price not exceeding red. per quart, not to be drunk on the premises, 55.

Retailers of Beer, Spirits, Wine and Tobacco, for an occasional licence to sell the like.articles at another place, for a time not exceeding six days, for each day (Magistrate's.certificate required), 2s. 6d.

Publicans' (Spirits).-Retailers of Spirits in the United Kingdom, except as hereafter mentioned:-If the annual value of the dwelling-house is rated (expires Oct. 10)

Under £10... £4 10 0 Under £30... £14 00 15... 600 40... 17 0 0 20 800 25... 11 0 0

29

99

50... 20 0 0

99

100... 2500

""

for every additional £100 or part thereof up to £700-£5; £700 and upwards, £60.

Such licence to include licence to retail beer, or wine and sweets. Hotels and Theatres of the value of £50 and upwards are liable to no higher licence duty than £20. Restaurants, under certain conditions, are liable to no higher licence duty than £30.

Dealers in Spirits-not retailers-10 10s.; additional for retailing in quantities not less than a reputed quart bottle, £3 35. For retailing foreign liqueurs, £2 25., expire July 5.

Retailers of Spirits (Grocers) whose premises are rated, per annum-

Refreshment Houses under value of £30 a year, 10s. 6d. ; above £30-215. Solicitors', £9.

Stage and Hackney Carriages.-Drivers and Conductors, and Watermen (London), 5s.

(These Licences are issued by the Commissioners of Police.)

Sweet Retailers', £1 5s., expire July 5. Dealers in, who sell two gallons or upwards, £5 5s.

Tobacconists'.-Manufacturers of Tobacco and Snuff, not exceeding 20,000 lbs., £5 5s., expire July 5. For every additional 20,000 lbs. up to 100,000 lbs., £5 5s.; exceeding that, £31 10S. Beginners (and a surcharge on the quantity made), £55s.

Dealers in Tobacco and Snuff, 5s. 3d.

Vinegar Makers'.-Annual licence, £1, expire July 5.

Wine Dealers'. - Dealers in Foreign Wine, having licence to retail Beer, £2 4s. 1d. Having no licence, £10 10s., expire July 5.

Retailers of, with Beer. See Beer.

Ditto, to be consumed on the premises, £3 10s., expire March 31. In England and Ireland, nct to be consumed on the premises, £2 105.

NOTES ON STAMPS AND

STAMPING DEEDS.

Spoiled Stamps.-The hours of attendance for the allowance of spoiled stamps at Somerset House are from 11 to 3 on Monday, Tuesday, Wednesday, Thursday, and Friday, and from 10 to 1 on Saturday.

The hours of attendance at Telegraph Street, Moorgate Street, for the allowance of sea policy and general Spoiled Stamps, are from 11 to 3 on Monday, Wednesday and Friday.

Applications for allowance must be made within two years from the time of spoiling unexecuted instruments.

Deeds Stamped after Execution.--Instruments executed in the United Kingdom can be stamped, as a general rule, on payment of the duty only, at any time within 30 days after their first execution. There are exceptions as follows:

PENALTIES:

The Commissioners of Inland Revenue are empowered to mitigate or remit penalties payable in stamping.

INCOME TAX, 1870 to 1901.

BANK TRANSFER DAYS, &c.

Transfer Days are Mon., Tues., Wed., Thurs., and Fri., 11 to 3. Instructions received 9.30 to 3 (after 1, fee 2s. 6d.), also on Sat. between 11 and 1, fee of 2s. 6d. Transfers of Bank Stock are charged 9s. for sums of 25 and under, and 125. for sums over £25. Dividends are due on dates below, and payable next day from 9 to 4 (9 to 2 on Sat.). When due date falls on Sunday or Bank Holiday, Dividends are payable on the next business day.

Dividends due Jan.
Liverpool 3 ros. and
£2 105.
New South Wales £4.
Queensland.
Birmingham.
Middlesex £3, County.
London £2 10s.
Eastern Bengal 4 per

New Zealand £4.

Nottingham £3.

Dividends due Apr. Local Loans. Terms of years Ann. Metropolitan £3 10s. Bank Stock. £2 10s. Annuities.

£2 155. Annuities (1905)

1st and July 1st. Hull £3 10s. Metropolitan Police Debenture.

Swansea £3 10s. & £3. Thames Conservancy. South Indian Railway 44 per cent. Egyptian Irrign. £4. Gt. Ind. Penin. Rail. £4 105.

5th and July 5th. £2 15s. Consol Stock. India £3 10s., £3, and £2 ros. War Stock, £2 155.

1st and Aug. ist. West Sussex £3, County Turkish 4 per cent. Bristol.

1st and Sept. 1st. Wolverhampton £3 10s. Chinese 4 per cent. London Co. Con. Stk. £2 105.

1st and Oct. 1st. East Ind. Rail. Chinese 5 per cent. Greek £2 10s. Birkenhead £2 155. Huddersfield.

5th and Oct. 5th. £2 15s. Consol Stock. India £3 10s., £3, and £2 lus. Egyptian 34 per cent. War Stock, £2 158.

Dividends due May 1st and Nov. 1st.

Metropolitan £3.
Egyptian Unif. £4.

1st and Dec. Ist. Lon. Co. Cons. Stock £2 105.

Apr. 15th and Oct.15th. Egypt £3 10s. Pref.

Applications for Powers of Attorney must be lodged by hand at the Power of Attorney Office, between 9.30 and 4 (2 on Saturdays), or-if sale powers are required same day before 12.30 p.m., or 2 with fee of 2s. 6d. (Saturdays 11, or 12 with fee). Powers of Attorney will be ready after 2 p.m. (Saturday 1) on the day following. Cost for Sale or Transfer, or Sale and Dividends, 11s. 6d. ; for Sale of Government Stock, nom. amt. ; not exceeding 100, 45.