HC Deb 15 November 1962 vol 667 cc68-9W
58. Mr. Millan

asked the Chancellor of the Exchequer by how much the annual yield of Income Tax and Surtax is reduced by allowances for building society interest paid by owner-occupiers.

Mr. Boyd-Carpenter

The tax allowances in respect of building society interest paid by owner-occupiers are in substitution for the relief they would have obtained if the normal rules had applied and they had been entitled to deduct Income Tax from the interest. The yield of tax is thus not reduced by the allowances to which the hon. Member refers.