Taxation as affecting the Agricultural Interest. 407= 141 
?en sunk, the interest of which thus yearly lost would be equi- 
ilent to another tax of 620,000/. per annum, for which I have 
ot here taken credit. 
Greater interest centres in the code of imposts, collectively Income-tax. 
nown as the " Property and Income-tax." Introduced by Mr. 
itt in 1803 and discontinued in 1810, the income-tax was 
'vived by Sir Robert Peel in 1843 to repair a chronic deficit 
ad provide the means of largely reducing indirect taxes. Since 
lat time it has formed a conspicuous element of our financial 
■ stem. Although, unlike the last impost, this tax now extends 
) Ireland, it should be borne in mind that its pressure on that 
ivision of the United Kingdom is not equally severe with that 
sewhere, since the land rental of Ireland is now assessed under 
somewhat inadequate valuation. Including this assessment, 
owever, the gross annual value of the land of the country is 
laced at 67,000,000/. But from this figure must be deducted 
1 properties wholly exempted as being under 150/. a year, or 
) far as by recent legislation they enjoy abatement to the 
vtent of 120/. a year where below 400/. A considerable 
umber of minor landed incomes, thus probably escape con- 
ibution ; while a tax of 3c?. in the pound on the remainder 
rings in 790,000/. 
As regards all but the smallest owners, the income-tax is, of Pressure of 
jurse, virtually a second and more uniform land-tax. Although J°'=°"^^-t''^ 
, , , , - . ® land rental, 
largecl at the same poundage rate as other assessed incomes, it 
as yet been shown by Mr. Gladstone, in his great Budget speech 
f 1853, that this nominal equality of rate must not be as- 
imed too readily to mean an identity of burden. Thus, under 
chedule A of the tax, all the rent of every inch of land in the 
)untry, less some very strictly limited deductions,* appears in the 
ross assessment. Under Schedule D, however, through which 
ades and professions pay, a very different practice holds good. 
he return of profits is here self-assessed, and large amounts, 
e are officially told, thus escape the proverbial vigilance of tax 
irveyors. Mr. Gladstone, in the speech referred to, gave one 
istance where twenty-eight persons, whose voluntary assessment 
T income-tax under this schedule showed only 9000/. of annual 
refits, at the same time claimed compensation for disturbance 
their business premises on the scale of an annual profit of 
3,000/. a year, and were actually awarded compensation by a 
impetent jury at the rate of 27,000/. a year, or three times 
I 
* One, it should be noted, is the land-tax, on the amount of which an owner is 
course, not properly chargeable. Except north of the Tweed, probably not 
>re than one-half, however, of the landlords appear to take the trouble to claim 
J secure this small allowance. 
