31 JULY 1920, Page 26

Income Tax Up Jo Date. By H. J. Gully. (Financial

News. 9d.)—Mr. Gully's little pamphlet gives a lucid aeommt of the effect of the " proposed new rules and regulations"' for Income Tax for 1920-21 "as forecast in the 1920 Finance Bill." Until the scheme becomes law, the liabilities of the taxpayer must remain uncertain, but the Chancellor of the Exchequer has agreed to accept most of the proposals of the Income Tax Commission. Mr. Gully devotes six pages to the extremely complex question of Excess Profits Duty, and gives a table showing the tax pay. able on incomes under the proposed new rules.