The Transferred Sum will be fixed at the outset at such amount as will
cover, with the addition of the Post Office revenue, the present
expenditure on Irish Government, with the exception of the cost of the
Reserved Services. Included in the Transferred Sum will also be a
specified sum as surplus. The amount of this surplus will be L500,000
annually for a period of three years, then diminishing by L50,000 a
year for six years till it reaches L200,000, at which sum it will
remain.
Subject to this variation in the amount of the surplus and to certain
minor variations specified in the Bill, and subject also to any changes
consequent upon the exercise by the Irish Parliament of the powers of
increasing or reducing taxation which are defined below, the amount of
the Transferred Sum, fixed in the first year after the passing of the
Act, will remain the same until an equilibrium is reached between the
total revenue derived from Ireland and the total expenditure on Irish
purposes.
_Revenue of the Imperial Exchequer from Ireland._
The Bill provides that until such equilibrium is established the whole
of the proceeds of all Irish taxes shall be collected by the Treasury
of the United Kingdom, and be paid into the Imperial Exchequer.
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