Income Tax (Loans to Local Authorities)

HC Deb 25 February 1960 vol 618 cc545-6

2. Dr. King

asked the Chancellor of the Exchequer if he will consider introducing legislation to provide Income Tax exemption on the first £300 of loans by individuals to local authorities.

Mr. Barber

No, Sir.

Dr. King

Since it is good that, again, small investors should invest their money with local authorities, will the Economic Secretary ask his right hon. Friend the Chancellor to consider whether he cannot apply the argument on Post Office savings to local authority savings on this scale?

Mr. Barber

No, Sir. The two cases are quite distinct. The object of the concession, so far as the Post Office Savings Bank and trustee savings banks are concerned, was to encourage national savings, which are small savings lent to the Government.