Excerpt from Income Tax: How to Avoid Overcharges and Obtain Repayments, With a Chapter on Super-Tax
Errors and overpayments are usually due to two causes - first, the incorrectness of returns, and, second, the fact that a large proportion of incomes generally are not paid for direct to the Revenue by the persons receiving them, but come through third persons, tax being deducted in the transfer.
It is well known that no person is liable to Income Tax whose income does not exceed ?135, but to prevent loss, the law charges all income, so far as possible, at its origin. Thus, a Public Company may have a thousand shareholders, of all degrees of wealth; perhaps a millionaire or two, several whose incomes run into thousands, a large number of fairly well-to-do persons, and, at the other end, some very poor persons who own only one share each, and whose entire incomes are perhaps less than ?100 a year. If the Company makes a profit of ?50,000 a year, the Revenue makes one assessment of ?50,000 on it, and charges tax on the whole amount at the highest current rate.
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