26 
Taxation on Land. 
personal property. Later on it was imposed, as a uniform rate, 
on both real and personal property ; but in the latter part of 
the last century personalty became irregularly assessed, and in 
the year 1833 it was entirely exonerated and freed from liability. 
In this feature it resembles the poor rate, as personalty in respect 
of the rate escaped liability seven years later, in 1840. Here is 
further material for consideration, but I will reserve comment 
upon the subject until it shall have been seen what a glance at 
the income tax will reveal. It may be stated, however, that 
the amount of the tax is extremely variable. A fixed annual 
sum or quota was apportioned to, and made payable by, each 
parish, to the imperial funds, subject to powers of redemption. 
If properly assessed, the tax is levied on the same principle as 
the poor rate, and it follows that, where the rateable value of 
parishes has increased, by building or otherwise, the rate in the 
pound is diminished in some cases until it becomes a mere 
fraction ; but in parishes which have not increased in value it 
may be Is. in the pound or upwards. 
The Property Tax. 
The third, and remaining, tax on land, for our consideration, 
is the Property Tax. It is, as we know, levied on all classes of 
incomes, including those from personal property, and in this 
respect therefore it differs from the poor rate and land tax. So 
far there is nothing in the principle for the agricultural com- 
munity to complain of ; but it is necessary to compare the rules 
for assessing incomes from real property with those in operation 
for the assessment of incomes from trade and personalty, before it 
can be seen whether the burden is equitably borne or not. The 
tax, as we now know it, dates from 1842. The rule for assessing 
trade and professional incomes under Schedule D is to charge 
them on the actual profits realised. From gross profits, deduc- 
tions are allowed for every conceivable payment legitimately in- 
curred in earning the income, and these extend to rent, rates, and 
taxes on business premises ; to all labour, materials, and utensils 
used in the concern ; and bad debts, and losses, are allowed to 
figure in the account. Poundage being collected only on the 
net profit, trade incomes are thus, undeniably, well taken care 
of, and the same may be said of other incomes arising from 
various investments. This is quite as it should be ; blit when 
we consider that incomes from land, and other real property, 
assessed under Schedule A, are charged practically upon their 
gross value, while those for trade, under Schedule D, are charged 
on their net value, there is serious cause for reflection. Land 
