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Life Annuity Contracts

Volume 466: debated on Monday 4 July 1949

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asked the Chancellor of the Exchequer if he will give the figures showing how the estimated loss of£3,000,000, expected to result if Clause 22 of the present Finance Bill is not passed into law, is calculated.

My right hon. and learned Friend explained in the course of his remarks in the discussion on Clause 21 (now 22) of the Finance Bill that if this Clause had not been introduced everyone who wished to take out a life annuity would have recourse to a contract of this type. The ultimate loss to the Revenue if this happened would be£3 million a year. The estimate is based on the present level of life annuity business.