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Revenue

Volume 463: debated on Wednesday 6 April 1949

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The total revenue was £4,007 million, or £242 million more than the estimate of £3,765 million. Of this total, Customs and Excise duties accounted for about £1,557 million, a surplus of £10 million over the estimate.

Smokers were responsible for the unprecedented total of £604 million or £24 million above the estimate. On the other hand, the receipts of £418 million from beer and other alcoholic liquors were £23 million less than estimated, due to decreased consumption. Purchase Tax brought in £291 million, a surplus of £9 million over the estimate.

Betting duties produced almost exactly the estimated £23,500,000, though the new licence duty on bookmakers brought in only £1,750,000, compared with the £3 million estimate. This deficiency is partly due to the decline in the number of people employed, which is all to the good, and partly to the bookmakers transferring their activities to the cheaper enclosures. Football pools produced £12,250,000, and totalisators on greyhound racecourses £9,500,000, which was the estimate.

Inland Revenue duties have produced £2,058 million, an increase of £143 million over the estimate of £1,915 million. Stamp duties were £1 million up at £56 million; Surtax £8 million up at £98 million; Profits Tax and Excess Profits Tax together gave £279 million, an increase of £29 million. Income Tax, which was estimated at £1,309 million, produced £58 million more, at £1,367 million. Death Duties gave £177 million, an increase of £17 million, due to a somewhat higher level of Stock Exchange prices than had been anticipated. Miscellaneous Duties were £1 million.

The response to the appeal for early payment of the Special Contribution was quite remarkable. There was an immediate response, and altogether the receipts amounted to nearly £80 million in a year, an increase of no less than £30 million over the estimate of £50 million. I should like to pay a tribute to the public spirit of those taxpayers who have contributed to this excellent result.

Motor tax brought in £53 million, an increase of £3 million over the estimate. Non-Tax Revenue receipts were £339 million as against the estimate of £253 million. Trading services realised £28 million (£29 million less than estimated), but miscellaneous revenue was £181 million, or £113 million more than the estimate of £68 million. This excess was due to the payment for war stores from India under the settlement concluded last July, which had not been provided for in the Budget.