XN000022-1973-03-15 — Page 14

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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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