§ Age relief applies where the taxpayer or his wife is aged 65 or over and his total income is not more than £800 and it gives the equivalent of earned income relief to investment income. I think that it is appropriate to extend this relief for elderly persons with modest investment incomes, and I propose that the income limit for age relief shall be increased from £800 to £900.
§ Mr. CallaghanI proposed this last year, when the right hon. Gentleman voted against it.
§ Mr. MaudlingI am glad that the hon. Member approves of this change.
I may add for the benefit of the hon. Gentleman, who so kindly intervened, that £900 a year at current rates of interest on National Savings represents an investment of £20,000.