HC Deb 10 May 1999 vol 331 c60W
Dr. Cable

To ask the Chancellor of the Exchequer if interest can be the first tranche of income to be set against personal allowances for the purpose of assessing income tax liability, once the 20 pence rate comes into effect. [83372]

Dawn Primarolo

Savings income, including interest, is favourably taxed. Setting interest income against personal allowances ahead of other income would increase taxes by approximately £110 million and increase the tax bill of millions of people. We do not find such a change attractive.

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