§ 54. Sir George Jones
asked the Chancellor of the Exchequer whether he is aware that during this war investment incomes have tended to fall rather than to rise; and that many owners of investment incomes are entirely dependent on same, having small total incomes and being, through age or other reason, incapable of earning; and, as earned incomes have meanwhile increased and are still increasing, on what grounds he justifies imposing a higher rate of tax on investment than on earned income in such, or any other, cases?
§ The Chancellor of the Exchequer (Sir John Anderson)
I would refer my hon. Friend to the explanation given to him by my predecessor in reply to a similar Question put by him on 11th December, 1941. I would also remind him that where the taxpayer's age is 65 years or more and his total income does not exceed £500, the same measure of relief as is granted in respect of earned income is allowable, under Section 15 (2) of the Finance Act, 1925, in respect of investment income.