TAXATION OF REALTY AND PERSONALTY 105 



Although any exact apportionment of taxation to the capital, 

 or the income above represented, is impossible without further 

 analysis, and without allowing for certain cross entries in these 

 rough and only approximate figures, the preponderance of 

 Imperial taxation on real as opposed to personal property is 

 very evident, although the inequality of incidence of the death 

 duties, when looked at by themselves, is fully allowed for in the 

 official estimates. 



But the position is in fact far more ^unfavourable to real pro- 

 perty than the above estimate appears to show. The gross 

 figures (being at least 16 per cent, above the net) are quoted as 

 income from land and houses, whereas the income in the personalty 

 schedule is net income after allowing for outgoings. This would 

 reduce the income on the real property side of the account from 

 200,000,000 to 168,000,000, and make the percentage of direct 

 Imperial taxes 5 per cent, on real, as against 3.3 per cent, on 

 personal income, while if, as may well be contended, the quota 

 of Land Tax redeemed be included in the taxes on real property, 

 the taxation would rise to 5. 5 per cent. 



On every sovereign, therefore, of clear income from real property, 

 at least Is. is taken by direct Imperial taxes assuming the year's 

 quota for succession and probate duty to be an annual average 

 while from each clear sovereign of personal income, not quite 

 8d. is taken by the State. If, then, the balance stands thus, 

 without including the local rates at all, it is clear that even if the 

 proportion of these rates ultimately incident on real property 

 were taken as low as Is. 8d. in the , real property must now, if 

 Imperial and local burdens are jointly taken into consideration, 

 be paying exactly four times as heavy taxation as falls upon 

 personalty. 



Mr. Pell retired from the chairmanship of the Committee 

 at the end of the year, and Sir Richard Paget was elected in 

 his' place. 



1887. 



In his Budget speech the Chancellor of the Exchequer 

 (Lord Randolph Churchill), yielding to the representations 

 pressed upon the Government, announced that the subvention 

 previously granted for main roads would be doubled. This 

 meant a transfer of 280,000 to Great Britain, while equiva- 

 lent concessions in another form were given to Ireland. 



In accordance with the repeated suggestions of the Com- 

 mittee, a Boundaries Commission was appointed with the view 



on the basis suggested in an earlier calculation by Mr. Giffen, in which 

 he suggested that half the value of the houses themselves might be 

 taken. 



