§ 59. Mr. McKayasked the Chancellor of the Exchequer what, in a full financial year under his new exemption limits for 1028 Income Tax for the aged, would be the Income Tax due from a married couple whose sole income was from investments which equalled £450, and their age was 65 years; and what would be the Income Tax due where the sole income was the same from investments but they were only 50 years old.
§ 60. Mr. McKayasked the Chancellor of the Exchequer what, in a full financial year, would be the Income Tax due from a married wage earner with an income of £450.
Mr. AmoryEighteen pounds, twelve shillings and sixpence if both the taxpayer and his wife are under 65; and £5 if either is 65 or over.
§ Mr. McKayIs the Minister aware that in these new regulations he is making the worker who is earning the same amount of money is worse off to the extent of nearly £40?
Mr. AmoryI think the hon. Gentleman will know that the intention of these concessions is to treat the small incomes of elderly people as if they were pensions and, therefore, as earned income.
§ 61. Mr. McKayasked the Chancellor of the Exchequer what, in a full financial year, under his new proposals, will be the Income Tax due from a married couple aged 65 years whose only income is £810 from investments; what will the Income Tax be for a married couple aged 50 years whose only income is £810 from investments; and what would be the Income Tax for a wage earner married with the same income.
Mr. AmoryOne hundred and eight pounds, eight shillings and tenpence, £182 5s. and £105 15s., respectively.
§ Mr. McKayIs the Chancellor aware that when we are taking these matters into consideration we must recollect that the worker has to pay £26 in insurance, that he has wear and tear of clothing over and above other people, and, therefore, to that extent, we are really making the pensioner better off than the worker receiving the same amount in wages?