§ Mr. George Cunninghamasked the Chancelllor of the Exchequer if he will list all standard income tax reliefs, indicating which attract relief at the basic rate and which at the payer's marginal rates.
§ Mr. Robert SheldonDetails of the income tax personal allowances are set out in the leaflet, "Personal Allowances (IR 22"), published by the Board of Inland Revenue. Information about other allowable deductions and reliefs is given in the explanatory notes which accompany income tax returns. I am sending my hon. Friend copies for the current year.
As a general rule, relief for personal allowances and other allowable deductions, for example, mortgage interest payments, is given at the taxpayer's marginal rate of tax. The main exception is relief for life assurance premiums which in general is given in terms of income tax at half the basic rate on the amount of the allowable premiums. For premiums of £20 or less relief is given at the full basic rate on the lesser of £10 or the amount of the premiums.