Thursday 28 May 2015

Millionaires - an endangered species

A report from the Daily Express in 1954:

'There are now only 36 people left in the millionaire class of taxpayers in Britain. A year ago there were 60. And in 1939 the number was 1,024.

'Yesterday Inland Revenue figures for the year ended March 31 1953 showed that only 36 people had incomes of more than £6,000 a year after tax. A tax official said: "To be left with £6,000 means you must earn at least £56,000 or have a million pounds invested at about five per cent."

'The report covers the first full year's drive against savers who had escaped tax on interest on savings in Post Office and other banks - and showed that more than £16,000,000 had been raked in.'

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