§ MR. MARSHALL HALLTo ask Mr. Chancellor of the Exchequer whether he will consider the possibility of making some concession to professional and business men enabling them to put aside a certain portion of their annual income towards making a provision for the future without including such portion in their annual return for Income-Tax.
(Answered by Mr. Austen Chamberlain.) Under the existing Income-Tax Act a person who insures his life or that of his wife, or who contracts for a deferred annuity for himself or his wife with an insurance company registered in the United Kingdom, is allowed a deduction from his assessment in respect of the annual premiums up to one-sixth of his total income; and no further concession in this direction seems to be called for.