§ Mr. Nicholas Wintertonasked the Chancellor of the Exchequer what representations he has received about removing or reducing the investment surcharge for persons who reach State retirement age; and if he will make a statement.
§ Mr. Peter ReesI have recently received representations from various organisations about the impact of the investment income surcharge on those who have reached retirement age. My right hon. and learned Friend acknowledged in his Budget Statement that the tax falls with particular severity on those who have had to provide for their retirement out of savings and have no occupational pension to fall back on. He took immediate steps to lighten this burden.