HC Deb 26 October 1943 vol 393 c31
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.