§ Mr. McKayasked the Chancellor of the Exchequer the effect under the National Insurance Act, 1959, of the proposal in the Finance Bill to fix £15 as the amount on which tax relief will be given in the cases of men, whose highest band of Income Tax is 2s. 3d., 4s. 3d., 6s. 3d., 7s. 9d. and the Surtax payer paying 12s. 3d. in the £, respectively; and how much the tax relief amounts to per week in each case.
§ Sir E. BoyleThe value of tax relief on the allowance for National Insurance contributions of £15 at the existing rates of tax is as follows:
Rate of Tax Amount of relief a year a week s. d. £ s. d. s. d. Reduced rates 1 9 1 6 3 6 4 3 3 3 9 1 2¾ 6 3 4 13 9 1 9½ Standard rate 7 9 5 16 3 2 2¾ Income Tax at 7s. 9d. plus Surtax at 4s. 6d. 12 3 9 3 9 3 6½