The Inland Revenue Report for 1912-13 was issued on Friday
week. The failure of the land taxes is by far the The Inland Revenue Report for 1912-13 was issued on Friday week. The failure of the land taxes is by far the most noticeable fact. The yield of the three land taxea proper is as follows :— 1912-13. 1911-12. 1910-11.
£
£ Increment Duty... 16.981 6,127 127 Reversion Duty 47974 22,621 257 Undeveloped Land Duty 97,852 28,947 2,351 Total from Land Taxes
162,807 57,695 2,735 The yield of 1910-11, of course, included the arrears of 1909-10. Thus, during the past four years, the land taxes proper have produced only £223,237 instead of the £1,195,000 which Mr. Lloyd George estimated. The Mineral Rights Duty is, of course, not really a land tax, but an additional Income Tax on mine-owners. This tax yielded £506,290 in 1910.11, 2436,193 in 1911-12, and only £273,915 in 1912-13. It is to be remembered, however, that the coal strike occurred in the year 1912-13. The cost of the valuation of land has been £1,393,000. So that the cost to the nation so far of levying the three land taxes proper has been £1,169,763. If that may not fairly be called a fiasco words have lost their meaning.
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