§ Sir L. Lyleasked the Chancellor of the Exchequer whether, in view of the fact that assurance companies are obliged to supply lists and particulars of all annuities issued by them and that special Income Tax returns exist in the case of persons over 65 years of age whose total income does not exceed £500 per annum, he can state the approximate cost of treating annuities half as repayment of capital and half as interest for Income Tax purposes in the case of such persons as are over 65 years of age and are in receipt of incomes not exceeding £500 per annum, partly or wholly derived from annuities?
§ Sir K. WoodThe lists received from assurance companies do not cover all annuities paid but relate only to annuities payable to individuals who are exempt from tax or liable only at the reduced rate of tax. To obtain the estimate desired it would be necessary to examine all the claims for relief made by taxpayers aged 65 and over and I do not think that the labour involved in such an examination could be justified in present conditions.