§ 34. Mr. Edmund Harveyasked the Chancellor of the Exchequer whether his attention has been called to the position of students who can only proceed with their university careers through the aid of loans, and to the burden which the repayment of these loans involves on a limited income; and whether any relief from Income Tax is allowed in respect of such annual repayments.
§ The Chancellor of the Exchequer (Sir John Anderson)The repayments to which my hon. Friend refers are repayments of capital, and no relief from Income Tax is allowable in respect of them.
§ Mr. HarveyWill my right hon. Friend reconsider the position in his next Budget, as the amount involved will be very small?
§ Sir J. AndersonI should be very sorry to hold out any expectations that the well-recognised distinction between income and capital, which is the foundation of our Income Tax law, will be departed from.