§ Sir JOHN JARDINEasked the Chancellor of the Exchequer whether in the Finance Bill he will, in order to encourage thrift, provide as to the levy of ordinary and super-income taxes from life assurance companies that these taxes shall henceforth be levied only on the amount of ascertained business profit, and not on the income derived from investments made In order to gain business profit?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hobhouse)Liability to supertax is, under the proposals of the Finance Bill, limited to individuals. My right hon. Friend regrets that he does not see his way to modify the existing law as regards ordinary Income Tax in the direction indicated by my hon. Friend.