HC Deb 02 May 1961 vol 639 cc1101-2
5. Commander Kerans

asked the Chancellor of the Exchequer how much revenue he estimates will accrue in 1961–62 from Schedule A taxes.

Mr. Selwyn Lloyd

Between £100 million and £115 million.

15. Mr. Lipton

asked the Chancellor of the Exchequer what the estimated cost would be of exempting from Schedule A tax all owner-occupied houses up to the net annual value of £65.

Mr. Selwyn Lloyd

About £42 million in a full year. The estimate includes both Surtax at 1961–62 rates and also the cost of an allowance of £65 for houses whose net annual value is over £65.

Mr. Lipton

That figure does not quite give the answer I want. The right hon. and learned Gentleman should break it up a little more. Would it not be better if, instead of encouraging the property-owning plutocracy, the Chancellor of the Exchequer did something for the 2¼ million owner-occupiers who will probably have to pay higher mortgage rates to building societies as a result of the new Profits Tax?

Mr. Lloyd

I think it is a question of priorities.

Mr. Biggs-Davison

Since the Tory Party believes in a property-owning democracy—[HON. MEMBERS: "Hear, hear"]—will my right hon. and learned Friend take the earliest possible opportunity to abolish Schedule A tax altogether?

Mr. Lloyd

I am afraid that I have no proposals to that effect to put before the House this year.