§ Mr. Jaggerasked the Chancellor of the Exchequer whether, in view of the changed personnel of the membership of superannuation funds as a result of which many thousands of persons are being mulcted of Income Tax who are not liable for same, he will consider again revising the scheme which has been in force since 1921 and has not been revised since 1931?
§ Sir J. SimonI assume that the hon. Member is referring to the arrangements under which the trustees of a superannuation fund, which is approved for the purpose of Income Tax relief under Section 32 of the Finance Act, 1921, are required to account for Income Tax at a composite rate on the amount of any employés'contributions to the fund which are repaid to the contributors. As the hon. Member is aware, those arrangements are prescribed in Statutory Regulations made by the Commissioners of Inland Revenue under powers conferred916W by Section 32 and were last revised in 1931 after consultations with the Association of Superannuation and Pension Funds. The Commissioners of Inland Revenue are, of course, prepared to consider any suggestions for modification of the existing arrangements that may be put forward by the representative body.