§ Motion made, and Question proposed:
§ 6. "That where relief has been given under Section fifty-four of the Income Tax Act, 1853, as amended by any subsequent enactment in respect of premiums, or other sums payable on insurances, or contracts for deferred annuities, and the policy of insurance, or the contract for a deferred annuity is surrendered, or alienated, there shall be paid as a debt due to His Majesty a sum equal to that which would be payable if Income Tax (including Super-tax) were charged on the amount received in respect of the surrender, or alienation of the policy or contract at the rates at which the relief was last given in respect of the premiums, or other sums payable."
§ Mr. McKENNAThe object of this proposal is that in an arrangement of the kind advertised in the advertisement which I have read and where the person who gets the benefit surrenders the policy he shall have to pay in one quarter of the Income Tax which he has saved. It is the remedy for the evil when it has occurred, and, as in the case of the last Resolution, I do not think it can really be fully understood by the Committee until they get the whole of the two Clauses before them. I think that then the scheme will be far better discussed, if I may suggest it to the Committee, than piecemeal on the terms of the Resolution itself.
§ Resolution agreed to.
§ Resolutions to be reported upon Monday next; Committee to sit upon Monday next.