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Thursday, March 15, 1973
"One attribute of wise housekeeping is thrift and the provision
of some savings for the future. I was therefore surprised and disappointed
to find that the Honourable Financial Secretary promises to abolish
tax relief on life insurance policies."
She continued that there were many middle-class workers and
professional men and women who would not benefit from pension contributions
or realistically sound provident fund contributions even after working
a life-time.
She stressed that every encouragement should be given to these
people to save for the future.
"I am sure that there will be a greater interest in the purchase
of with-profits policies and mortgage protection policies as many young
couples aspire to buy their own homes, however stall, in the years ahead."
She further suggested: "We should not forget the salaries
tax-payer (of whom there will be about 75,000) who bear so heavy a share
of direct tax.
"It is for such that I urge more recognition, and a fine start
would be in the retention of the present tax relief on life insurance
and other payments."
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