§ Major Nieldasked the Chancellor of the Exchequer if he will consider introducing some form of Income Tax relief for elderly or retired persons living on the interest from investments in order to lessen the hardship caused by the increase in the cost of living.
§ Sir J. AndersonI would remind my hon. Friend that the Income Tax law makes special provision for the type of case which he has in mind. Section 15 of the Finance Act, 1925, provides that in the case of a taxpayer over 65 years of age whose total income does not exceed £500, the same measure of relief as is granted in respect of earned income is allowable in respect of income from investments.
§ Major Nieldasked the Chancellor of the Exchequer if he will consider making old age pensions free of Income Tax so that old people who have saved a little money during their working lives do not lose the benefit of their thrift.
§ Sir J. AndersonI would refer my hon. Friend to the reply I gave on 10th February last to the hon. Member for Everton (Mr. Kirby).