§ Dame Patricia Hornsby-Smithasked the Chancellor of the Exchequer what is the estimated saving to the Exchequer of the abolition of tax concessions on seven year covenants.
§ Mr. DiamondOn the assumption that this question relates to Surtax disallowance of covenanted payments under Clause 12 of the Finance Bill, the estimated saving is that given in the Financial Statement, namely, £1½ million in 151W 1966–67 and £2 million for the first full year, with increased savings in later years.
§ Dame Patricia Hornsby-Smithasked the Chancellor of the Exchequer what is the average annual sum covered by a seven-year covenant.
§ Mr. DiamondAbout £20 for covenants in favour of charities and about £250 for covenants in favour of individuals.
§ Dame Patricia Hornsby-Smithasked the Chancellor of the Exchequer how many seven year covenants are in operation; and how many of these are in respect of registered charities and individuals, respectively.
§ Mr. DiamondAbout 1½ million, which about 160,000 are in favour individuals and nearly all the rest favour of charities.
Year ending 30th Sept. Officers Widows and other Dependants Numbers Amount (£ millions) Numbers Amount (£ millions) 1963 .. .. 20,200 6.5 2,300 0.1 1962 .. .. 20,500 5.8 2,400 0.2 1961 .. .. 17,800 4.4 2,700 0.2 1960 .. .. 17,200 4.5 3,300 0.2 1959 .. .. 19,000 5.4 4,300 0.3 1958 .. .. 15,400 4.0 2,800 0.3 1957 .. .. 14,000 3.5 3,400 0.3 1956 .. .. 10,400 2.8 3,200 0.3 1955 .. .. 8,900 2.5 2,900 0.3 1954 .. .. 6,000 1.7 1,800 0.2 1953 .. .. 5,500 1.7 1,200 0.1 1952 .. .. 5,200 1.4 2,100 0.2 1951 .. .. 4,900 1.3 2,100 0.2 1950 .. .. 5,600 1.5 1,900 0.3 1949 .. .. 5,300 1.4 600 0.1 1948 & earlier .. .. 25,900 7.5 3,900 0.6