§ Mr. C. Johnson
asked the Chancellor of the Exchequer how much Income Tax was foregone in 1959–60 by reasons of the exemption of the first £15 per head of savings bank interest from tax; and how much additional Surtax was charged by reason of the grossing-up of such interest for Surtax purposes.
§ Sir E. Boyle:
The Income Tax cost in 1959–60 of the exemption of the first £15 of savings bank interest was about £12 million. The amount of Surtax attributable to the grossing-up of such interest is not known.