HC Deb 15 April 1935 vol 300 cc1650-1

Resolved, That—

  1. (a) on a claim under section thirty-two of the Income Tax Act, 1918, as amended by any subsequent enactment, for an allowance of tax in respect of life insurance premiums or other payments' no allowance shall be given at a rate of tax greater than one-third of the standard rate—
    1. (i) if the taxable income of the claimant does not exceed one hundred and thirty-five pounds; or
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    2. (ii) in respect of the amount, if any, by which the premiums or payments exceed the amount by which the claimant's taxable income exceeds one hundred and thirty-five pounds;
  2. (b) for the purpose of this Resolution the expression "taxable income" in relation to a claimant means his total income less any amount on which he is, by virtue of subsection (1) of section forty of the Finance Act, 1927, entitled to relief by way of a deduction of tax.
And it is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act. 1913.