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Tax Remissions

Volume 529: debated on Tuesday 1 June 1954

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asked the Chancellor of the Exchequer the total net remission to the taxpayer since 1951 of reducing Income Tax and Surtax from the 1951 levels to the respective levels established in each of the subsequent years.

Excluding relief to companies, about £335 million in a full year. of which about £230 million represents the increases in personal allowances and alterations in the reduced rate bands made in 1952, £95 million the reductions in the standard rate and reduced rates made in 1953, and £10 million the restoration of initial allowances in 1953 and their replacement by investment allowances in 1954.These figures relate to Income Tax and Surtax falling on personal incomes, including dividends and interest. They exclude Income Tax on the undistributed profits of companies, because these figures would be meaningless by themselves in view of the change made in 1952 whereby Profits Tax is no longer deductible in computing profits for Income Tax.