HC Deb 23 July 1940 vol 363 cc665-6
- (a) as respects the year 1940–41, and any subsequent year for which the standard rate of income tax exceeds seven shillings in the pound, the relief allowed under Section thirty-two of the Income Tax Act, 1918 (as amended by subsequent enactments) in respect of premiums paid for life insurance or other contracts referred to in paragraph (a) of Sub-section (1) of that Section or Section twenty of the Finance Act, 1932, shall be calculated as if the standard rate of income tax were seven shillings in the pound;
- (b) as respects the year 1940–41, and any subsequent year, no relief shall be allowed under the said Section thirty-two (as so amended) in respect of the amount, if any, by which the premiums or other sums in respect of which relief is claimed exceed the claimant's taxable income;
- (c) as respects the year 1940–41, and any subsequent year for which the standard rate of Income Tax exceeds seven shillings and sixpence in the pound, such relief shall be given to assurance companies carrying on life assurance business, in respect of Income Tax on policy-holders' part of the income from investments held in connection with that business, as may be provided by any Act of the present Session relating to Income Tax;
- (d) such amendments shall be made in the Income Tax Acts as are consequential on the foregoing provisions of this Resolution."