We pass now to the abolished taxes. First of all
we are extremely glad to record the disappearance of the Corporation Profits Tax, which has been a heavy load upon every kind of industry and commerce. The cost is expected to be £12,500,000 in a full year, though it is to be noted that the cost to the Revenue for that part of the present year in which the tax will not operate will be only £2,000,000. Next there is one of the really unexpected features of the Budget—the abolition of the Inhabited House Duty. The so-called " chimney and parlour tax " has been in existence for one hundred and fifty years. We arc very glad that it now disappears. The cost is put at £2,000,000 for a full year. As regards dried fruits, the increased duty is to lapse from August 1st, and the cost will probably be £250,000 a year. The McKenna Duties are timed to disappear on August 1st at an estimated cost for a full year of /2,750,000. The duties on table-waters and herb beer will also be dropped, at a cost for a full year of 1300,000. -* * *
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