§ Mr. Marquandasked the Chancellor of the Exchequer what was the approximate total of amounts deducted and the amount of Income Tax, including Surtax, forgone under Schedule E in respect of interest payments, including mortgage interest, and life assurance, respectively, for each of the five years 1962 to 1967 for all ranges of income and separately for the ranges under £2,000, £2,000-£3,000, £3,000-£4,000, £4,000-£5,000, £5,000-£8,000, £8,000-£10,000, £10,000-£ 15,000, £15,000-£20,000, and £20,000 plus, respectively.
§ Mr. Harold LeverAny allocation to particular Schedules of the cost of these reliefs is to some extent arbitrary. The estimates in the table below give the order of magnitude for all Schedule E income for the years 1962–63 to 1965–66;164W they cannot be split by ranges of income. No estimate is yet available for 1966–67.
£million Interest Payments Life Assurance Relief (allowable for income tax only) Amount of interest Income tax and of surtax relief Amount of allowances Income tax relief 1962–63 … 190 53 154 57 1963–64 … 250 73 161 59 1964–65 … 288 90 168 61 1965–66 … 290 95 185 62