Taxation of Savings at the Lower Rate

Schedule 5 – in the House of Commons at 4:30 pm on 28 March 1996.

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Amendment proposed: No. 1, in page 209, line 24, leave out 'or'.—[Mr. Jack.]

Photo of Mr Geoffrey Lofthouse Mr Geoffrey Lofthouse , Pontefract and Castleford

With this, it will be convenient to discuss Government amendments Nos. 2 and 3.

Photo of Mr Tim Smith Mr Tim Smith , Beaconsfield 5:15, 28 March 1996

The amendments deal with an issue that I raised in the Standing Committee, which had to do with the 20p tax on savings and the concern that I raised on behalf of the Association of British Insurers that savings in insurance products should be treated in the same way as others and attract the 20p rate.

I thank my hon. Friend for making the change.

Amendment agreed to.

Amendments made: No. 2, in page 209, line 26, at end insert

'or

(c) the policy holders' share of the company's relevant profits is more than the company's BLAGAB profits,'.

No. 3, in page 209, line 41, leave out 'all its relevant' and insert 'its BLAGAB'.—[Mr. Jack.]