Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 3 July 1962.

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Photo of Mr Anthony Barber Mr Anthony Barber , Doncaster 12:00, 3 July 1962

I was only drawing that analogy to point out to the House that at the time when the individual concerned is receiving these annual payments, he is, at that time, at any rate, in the nature of a sleeping partner.

The employee's contract of service with his employer may entitle him either to a salary or to a salary followed by a pension. In the latter case, the pension is essentially part of the remuneration for his services, and it is awarded to him solely because he has rendered those services, but a person in business on his own account or as a member of a partnership receives his earnings in full during his business life.