§ 51. Professor Savory
asked the Chancellor of the Exchequer whether he is aware that a taxpayer liable to the highest rate of Income Tax and Surtax, desirous of making a payment of £5 5s., has to lay aside a year's interest on £3,800 Three per cent. Savings Bonds, while the recipient, if also liable to the same rate of tax, retains only 4s. 10d.; and will he give the widest circulation to these figures to illustrate the war burden imposed on the wealthier classes by their contribution to the revenue of the country?
§ Sir K. Wood
I have referred several times to the extremely heavy burden imposed by the Income Tax and Surtax on the larger incomes. This burden is well illustrated by the figures given by my hon. Friend, and further examples may be found in the Financial Statement for 1941–42 (No. 73 of 1941).
§ Professor Savory
Will the right hon. Gentleman do his utmost to dispel the illusion, still so widely prevalent, that capital has not been conscripted in the present war?