§ Mr. Millan
asked the Chancellor of the Exchequer what the levels of exemption for income tax have been for each year from 1973–74 to date in respect of Trustee Savings Bank interest on ordinary and special investment accounts, respectively.314W
§ Sir Geoffrey Howe
[pursuant to his reply, 7 April 1981, c. 221]: Sums paid or credited in respect of interest on ordinary deposits with a Trustee Savings Bank were exempt from income tax in so far as they did not exceed the following annual levels:
Annual levels 1973–74 £21 1974–75 to 1976–77 £40 1977–78 et seq £70
Following the winding up of the Trustee Savings Bank "ordinary department" arrangement, this exemption was withdrawn by section 59 of the Finance Act 1980 in relation to interest for periods after 20 November 1979.
Interest on special investment accounts has always been liable to income tax in total.