§ Mr. Peter Reesasked the Chancellor of the Exchequer whether he will instruct the Commissioners of Inland Revenue not to charge capital transfer tax where remuneration is waived by office holders and employees.
§ Mr. Parkinsonasked the Chancellor of the Exchequer whether a taxpayer who waives his right to remuneration to comply with the guiding principles of the anti-inflation policy is liable to capital transfer tax; and if he will make a statement.
§ Mr. Denzil DaviesThis is not necessary. If an office holder or employee agrees to take a voluntary cut in future remuneration or indicates that he does not wish to take an increase, this would not affect the value of his estate. A person who gives up remuneration which
336W
§ Mr. Robert SheldonI shall write to my hon. Friend shortly.
§ Mr. Kinnockasked the Chancellor of the Exchequer what was the average tax relief on (a) mortgage interests (b) national insurance contributions (c) life assurance premiums to those with incomes (1) below £1,000, (2) £1,000 to £2,000, (3) £2,000 to £3,000, (4) £3,000 to £5,000, (5) £5,000 to £10,000, and (6) above £10,000; and if he will list the number of tax units for each income group.
§ Mr. Denzil DaviesSince 1964–65, tax relief has not been available in respect of employees' own national insurance contributions. The available information about numbers of taxpayers receiving mortgage interest relief relates only to building society mortgages and does not include mortgages with local authorities, bank and insurance companies. The estimates for building society interest payments and life assurance premiums for the year 1974–75 are as follows:
he has already earned and to which he is entitled will be making a transfer of value, but provided it is within the provisions of paragraph 5(1) of Schedule 6 to the Finance Act 1975, such a transfer will be exempt from the charge to capital transfer tax.