§ Mr. Meacherasked the Chancellor of the Exchequer (1) when the £15 exemption from tax in the case of interest on ordinary deposits was originally fixed; and what would such a sum with the same real value be today;
(2) why the £15 interest tax exemption is confined to ordinary low interest rate accounts, such as Post Office savings and Trustee ordinary accounts.
§ Mr. HigginsThe £15 exemption was introduced in 1956, and was confined to savings deposits which earned a relatively low rate of interest and which was wholly lent to the Government. At current prices, the equivalent amount would be £25. The exemption was raised to £21 last year.