§ The Bill will contain a number of technical provisions, some of them arising out of other legislation.
§ The most important is that the new investment grant scheme will involve the abolition of investment allowances: the necessary tax provisions will be included in the Finance Bill.
§ I shall also move Ways and Means Resolutions to provide for the following—
- (i) aiding the creation of new port authorities under the Harbours Act, 1964;
- (ii) taxing the increases paid under last year's Pensions (Increase) Act to non-resident pensioners formerly in Indian Government service;
- (iii) confirming that the exemption from Income Tax of the first £15 of Post Office Savings Bank interest does not apply to interest on the new investment accounts;
- (iv) the tax provisions needed for the pension scheme for members of the Northern Ireland House of Commons;
- (v) amending the rules for calculating the relief due to British subjects resident abroad so as to bring it into line with the relief given in certain circumstances on United Kingdom dividends.
§ These are all useful matters which will be debated at length. I understand that the Opposition do not propose to divide on any of these Resolutions, but it would be proper for me to mention them as they have to be put to the Committee.