Purchased Annuities

HC Deb 24 October 1950 vol 478 c325W

Sir J. Lucas

asked the Chancellor of the Exchequer whether he will consider abolishing Income Tax on the first £2,000 of purchase money for annuities, thereby bringing this into line with the existing tax exemption on Death Duties.

Mr. Gaitskell

The treatment of purchased annuities for tax purposes comes within the terms of reference of the Tucker Committee on the Taxation Treatment of Provisions for Retirement.