Annual report on Basutoland / Colonial Office.

  • Great Britain. Office of Commonwealth Relations.
Date:
[1950]
Catalogue details

Licence: Public Domain Mark

Credit: Annual report on Basutoland / Colonial Office. Source: Wellcome Collection.

    31/90 (page 25)
    (b) Super Tax Primary £210 Example of the calculation of normal tax payable by a married man with income of £800 ; one child ; one dependant; £40 insurance premiums. Rate : 15799J. per£i (i.e. 156?. plus 799/1000 of a penny) Tax payable = 800 X 15.7996?., less rebates ; plus surcharge = £52- 13*- 3d- less £41+40% = £16. 6s. 7d. less £3 Poll Tax if paid. Public Companies were taxed at the rate of 7s. 6d. for each pound of taxable income, subject to a rebate of £45. Income Tax amounting to £159,355 was collected during the financial year ended 31st March, 1950. The estimated tax for the year ending 31st March, 1951 is £145,000. Income Tax is not payable by Africans. Stamp Duty Stamp duties and fees are payable as prescribed in the Schedule to Proclamation No. 16 of 1907. Death Duties (a) Succession Duty. Subject to certain provisos and exemptions set out in Proclamation No. 20 of 1935 as amended by Proclamation No. 1 of 1945, the rates of Succession Duty are as follows: Degree of Relationship of Successor to Predecessor Rates of Duty upon dutiable amount of succession (i) Where the successor is the direct descendant or ascendant of the predecessor.3 per cent (ii) Where the successor is the brother or sister of the predecessor.5 per cent (iii) Where the successor is the descendant of the brother or sister of the predecessor.8 per cent (iv) Where the successor is otherwise related to the predecessor or is a stranger in blood or is an institution.12 per cent (b) Estate Duty. This is payable by the Estate in terms of Proclama¬ tion No. 20 of 1935, as amended, and is distinct from Succession Duty which is payable by successors. The rate of Estate Duty chargeable upon each pound of the dutiable amount is three-ten thousandths of a pound for every complete one hundred pounds or part thereof contained in the dutiable amount, subject to a maximum rate of 6s. 8d. upon each pound. A rebate of £300 is deducted from the amount of duty at the rate so calculated, with the result that it is only on estates where the dutiable amount exceeds £10,000 that Estate Duty is payable.