HC Deb 07 July 1910 vol 18 cc1782-4

asked the Chancellor of the Exchequer if, seeing that under Section 54 of the Income Tax Act of 1853 rebates of Income Tax are allowed for payments on account of premiums for life assurance up to one-sixth of one's income, and that under Section 66 of the Finance Act it is provided that, in estimating the income of persons liable to pay Super-tax, the amount paid in assurance premiums is deducted and that, in consequence of these allowances, a person whose income is exactly £5,000 a year effects a saving in the amount of his taxes of £70 a year if he insures to an amount equal to one-sixth of his income, he will say what is the equivalent advantage which a workman, who is disqualified for the receipt of an old age pension on account of friendly society or trade union superannuation, may be said to receive in return for the premiums which he has paid out of his wages throughout his working life?


As the hon. Member is aware, the Old Age Pensions Act does not allow deductions in respect of insurance premiums in calculating the yearly means of a person for the purposes of the Act. There is no necessary analogy between the calculation of income for the purposes of taxation and the calculation of yearly means for purposes such as that of the Old Age Pensions Act, but even if the same rules were applied, the deduction would be allowable in respect of life assurance premiums only.


asked the Chancellor of the Exchequer if he proposes this year to revise the definition of profits assessable to Income Tax so as to avoid the anomalies and well-known injustices in the present method of the calculation of such profits?


If the hon. Member will be so good as to furnish my right hon. Friend with detailed information as to the cases referred to, he will be glad to give the matter his consideration.

Captain CLIVE

asked the Chancellor of the Exchequer if he is aware that, although Super-tax forms have been issued, forms for claiming the increased lebate of Income Tax for upkeep of lands and buildings are not yet obtainable, and in consequence applications for this rebate have been hitherto refused; and if he will take steps to see that the benefits of the Finance Act are as readily accessible as the burdens?


I am informed that the forms referred to by the hon. Member are now in course of being printed, and will be available at an early date.