61. Dr. Russell Thomasasked the Chancellor of the Exchequer, under what conditions funds are approved by the Commissioners of Inland Revenue for the purpose of granting relief from Income Tax of contributions towards superannuation allowances?
§ Sir K. WoodThe conditions which must be fulfilled to enable a superannuation fund to be approved by the Commissioners of Inland Revenue, so as to entitle members of the fund to relief from Income Tax in respect of their contributions are prescribed by Sub-section (3) of Section 32 of the Finance Act, 1921.
Dr. ThomasMay I ask my right hon. Friend, in view of the fact that many people pay superannuation to a central fund, and that employers also pay yearly sums towards these pensions, would he consider introducing legislation at a suitable opportunity in order to vary Section 32 of the Finance Act, 1921, so that the Commissioners of Inland Revenue should regard such as a fund, as a "fund bona fide established under irrevocable trusts," thereby allowing Income Tax relief in the same way as is usual to most persons paying superannuation?
§ Sir K. WoodPerhaps my hon. Friend would write to me about the matter.