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Self-employed professional persons in Great Britain and in the United States have been discriminated against for many years in pension tax matters. Lacking an employer-employee relationship, they have not been able to establish individual retirement systems under which the amount set aside for old age each year does not become taxable until withdrawn during retirement. At long last the situation, at least in Britain, is about to be relieved. The Chancellor of the Exchequer in his budget speech before Parliament on April 17 recommended—which is tantamount to adoption—superannuation tax relief in the following words:
"I now pass to another aspect of saving. I propose to give effect, though in a simplified and modified way, to the recommendations of the Second Millard Tucker Committee on relief to the self-employed in respect of provision for retirement.
"This will grant relief from income tax and surtax, within certain limits, in respect of premiums
GOOD NEWS FROM BRITAIN. JAMA. 1956;161(2):155. doi:10.1001/jama.1956.02970020035011