HC Deb 19 May 1976 vol 911 c565W
Mr. Pardoe

asked the Chancellor of the Exchequer if he will estimate for the current tax year and for 1975–76 the revenue forgone by the exemption of interest on national savings certificates, save-as-you-earn schemes and the first £40 of savings bank interest, and the percentage of this which is at higher rates of tax.

Mr. Robert Sheldon

Information on which to base a precise calculation is not avaliable but approximate estimates for 1975–76 are as follows:

£ million
Interest on national savings certificates 55
First £40 of savings bank interest 35
Interest/bonus on Save-as-you-earn schemes 1

The figures for the current year would be of about the same order. No information is avaliable as to the percentage at higher rates of tax.