HC Deb 20 May 1960 vol 623 c152W
Mr. C. Johnson

asked 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 his estimate of the annual loss in Income Tax and Surtax, respectively, by the use of such deeds.

Sir E. Boyle

The total annual amount, before deducting tax, payable under deeds of covenant other than to charities is of the order of £30 million; and the loss of tax thereon is £15 million to £20 million, of which rather more than a third is Income Tax and the rest Surtax.

Mr. C. Johnson

asked 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 the form of charity; and the approximate total annual amount before deduction of tax payable under such deeds.

Sir E, Boyle

The total annual amount, before deducting tax, payable under deeds of covenant is of the order of £45 million; about 900,000 deeds are to charities representing about £15 million payments before deducting tax.