§ 60. Mr. McKayasked the Chancellor of the Exchequer how much out of the 6s. 9d. per week paid by the workman in National Insurance in 1956–57 carried with it Income Tax relief; and how much tax relief, in total, was given to all contributors in 1956–57 arising out of the contributions.
§ Mr. Powell4s. 4.3d., and about £45 million.
§ 61. Mr. McKayasked the Chancellor of the Exchequer how much of the total insurance contribution of 9s. 5d. per week to be paid in 1958 will be allowed Income Tax relief.
§ Mr. Powell4s. 11.2d.
§ Mr. McKayasked the Chancellor of the Exchequer the amount of contributions paid by the employers under the National Insurance Acts for the year 1956–57; to what extent this item was 69W recognised as a cost of production, thus reducing profits; and what was the loss to the Exchequer, in the shape of Income Tax, distributed Profits Tax, and undistributed Profits Tax.
§ Mr. Powell£304 million for the calendar year 1956. Of this, £215 million was paid by employers in the private trading sector. It is estimated that, if the latter amount did not rank as a trading expense for tax purposes, the additional revenue collectible would be £90 million Income Tax and Surtax and £5 million Profits Tax.