The Sun.
London, England, 1852-12-11 00:00:00

PARLIAMENTARY BUSYNESS.

(From Votes and Proceedings of the House of Commons.)
CONTROVERTED ELECTIONS.
The SPEAKER acquainted the house that he had re- 811 r
ceived Reports from the Examiner of Recognisances,
stating that the recognisance to the election petitions St.
respecting the following places were unobjectionable,
20
viz..—

Norwich (1).
Norwich (2))
Wexford.
Leitrim.
Meath.
Mayo.

Barnstaple. 14
Berwick-upon-Tweed.
Hereford City. 31
Heretord County (1).
Hereford County (2). 27;
Maidstone (2).

INOOME AND PROPERTY TAX.

1 The following Resolutions are to be proposed by Mr. Hume
as an Amendment to the Propositions of the Chancellor
of the Exchequer, for the continuance of the Income and
Property Tax, in Committee of Ways and Means :-
1. That each person should be taxed for the support of
Government in proportion to his ability, and as that ability
is measured more accurately by the value of his property,
under the protection of the State, than by any other
standard, the tax, to be equitable, should every year be
levied on the value of the property, labour and skill being
the property of large classes of the community.
2. That the existing assessment of the income tax (under
the Act 5 and 6 Vic. c. 35) should be so modified as to
make it a tax on property, including, under that term, the
capitalised value of all industrial income.
3. That all the property, real, personal, and industrial,
in the United Kingdom, should be taxed at one uniform
rate on its value.
4. That all realised property, under schedules A and C,
be assessed and taxed in proportion to its value ; and that
all industrial incomes under schedules B, D, and E, be
assessed and taxed only on the capitalised value of that
portion of each person's income exceeding 501. in the
year.

- 5. That, in levying the tax for the financial year, April
1853-4, the schedules and the returns of income, under the
Act 5 and 6 Vic. c. 35, be taken as the basis on which the
property is valued and assessed for that year, subject to the
following modifications :—(a) The profits or income of the
clergy, now under schedule A, who have only life interests
in their incomes, to be transferred to schedule E. (b)
The profits accruing from the occupation of farms now
under the schedule 8., to be returned and assessed in the
same manner as the profits of trades and professions under
schedule D.
6. That for the financial year 1853-4, the assessment on
the value of the respective properties be taken as under:—
Schedule A (exclusive of life incomes payable to the
clergy)—(a) Land in Great Britain to be valued at 30 years'
purchase on the rents, subject to a deduction not exceeding
10 per cent. for necessary buildings and repairs. Land in Ire-
land to be assessed at its annual value, allowing for repairs ;
or valued at the number of years' purchase for which the
land of Ireland has sold under the Encumbered Estates Act.
(b) Houses to be taken on the rents at 20 years' purchase,
subject to a deduction of 10 per cent. where the repairs are
made by the landlord. (c) Railways, canals, gas-works,
mines, iron-works, quarries, fisheries, and all other pro-
perties now under schedule A, to be assessed on the value
as determined by the price of shares on the 31st day of
March in each year, or as may be found most convenient
and equitable.
Schedule C—That the value of all property in annuities
and dividends under this schedule, and of securities of
every kind, be assessed on the current prices, on the 31st
day of March, 1853.
Schedule E—That for the year 1853-4, all the salaries,
pensions, and payments, under this schedule, including the
life incomes of the clergy, be taken at 15 years' purchase ;
and, in subsequent years, be valued as the Government life
annuities under schedule C.
Schedule B and D (farms, trades, and professions)— That g
for the year 18534, the profits of farms, trades, and profes- °
sions be taken at 15 years purchase. That, in subsequent 20
years, the value of the capital and stock be taken as in an 20
ordinary balace-sheet, and assessed at the same rate as other 10
property ; and that, after deducting 5 per cent. for interest St.
on this capital, the rest of the income be valued as a life
annuity imperfectly secured, and assessed accordingly. • St.
St.
7. That, to serve as data for the assessments of the year
St.
1854-5, tables, showing the prices on sales or valuations of
tho various kinds of property in the United Kingdom, St.
should be prepared and presented to Parliament in March,
1854, and in each succeeding year. 10
8. That any revenue which Parliament may deem it
right to raise in the year 18534, by continuing the Act „i
5 and 6 Vic. c. 35, as modified above, be assessed under the "
schedule.; at such a rate per centum as shall be adequate 20
to provide the required amount on the value of property. 20
9. That the basis of the valuation of property and the •••
rate of taxation be subject to revision in 1854, and in every KA
subsequent year, with a view of correcting inequalities and
Ft.
rendering the tax equitable.