§ Mr. Jayasked the Chancellor of the Exchequer the approximate total annual amount before deduction of tax payable under deeds of covenant not in form of charity during the latest year for which figures are available; and what his estimate is of the annual loss of Income Tax and Surtax, respectively, by the use of such deeds.
Mr. AmoryAbout£25 million in 1956–57 on which the loss of Income Tax and surtax is estimated at about£6½million and£10 million respectively.
§ Mr. Jayasked the Chancellor of the Exchequer the value of deeds of covenant in operation for Income Tax purposes during the latest year for which figures are available; how many of these deeds were in form of charity; and what was the approximate total annual amount before deduction of tax payable under such deeds.
62W
Mr. AmoryAbout£37 million in 1956–57. Nearly 800,000 deeds in favour of charities accounted for about£12 million.