Foreign News: Going Up

Only 45 Britons last year had taxable incomes of more than £100,000 ($280,000), but that was five more than in the previous fiscal year of 1954-55. There were similar modest rises in other brackets; e.g., those with incomes of $16,800 or more after taxes rose from 200 to 600. But Britain was not as poor as the Treasury figures annually make it sound. "Taxable" income is far from the only income received by well-heeled Britons. All capital gains, whether they come from securities, real-estate deals or winnings on the horses, are taxexempt.


Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!