§ 55. Professor Savoryasked the Chancellor of the Exchequer whether he is aware that a person who is subject to the highest rate of Income Tax and Surtax in respect of income derived from investments, on saving £1,000 and investing it in 2½ per cent. National War Bonds in creases his net income by 12s. 6d. only, and will render his estate liable to additional Death Duties to the amount of £650; and, in view of this, will he consider taking such means that may be necessary to remove this anomaly?
§ Sir K. WoodI realise that the burdens imposed by the high rates of war-time taxation are heavy; but I cannot hold out any hope of accepting the suggestion made by my hon. Friend.
§ Professor SavoryWill my right hon. Friend do his best to dispel the illusion, which is apparently widely prevalent, that capital has not been conscripted in the present war?
§ Sir Frank SandersonIs not my right hon. Friend aware that it is against the national interest to have such an anomaly exist, and will he do his best between now and a later stage to see that it is removed?
§ Sir K. WoodI remember my hon. Friend speaking for some time on that matter on the Second Reading of the Finance Bill.
§ Mr. GallacherWill the Chancellor of the Exchequer remove the anomaly in connection with the taxation of workers' overtime?
§ Sir K. WoodI expected the hon. Member to say that.