§ 58. Sir J. NORTON-GRIFFITHS
asked the Chancellor of the Exchequer whether, having regard to the fact that many life assurance policies were taken out years ago for the purpose of thrift, and that to encourage this thrift legislation was passed whereby the premiums thereon were allowed as a deduction for Income Tax purposes, he will amend his proposals so as to leave such conditions undisturbed?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
My hon. and gallant Friend will find in the White Paper the proposals respecting the allowance in respect of life assurance premiums for Income Tax purposes, and he will see that, although the new methods proposed to be adopted on the recommendation of the Royal Commission for the graduation of the Income Tax involve some corresponding alterations in the practical method of granting the allowance of Income Tax on account of those premiums, the substance of the existing relief's remains unchanged. There are one or two modifications in favour of the taxpayer which have been recommended by the Royal Commission, and which I propose to embody in the Finance Bill.