Mr. Collettwished to put a question to the right hon. Gentleman the Chancellor of the Exchequer respecting the payment of the Property Tax on the Three and a Half per Cent. Consols. The tax commenced on the 5th of April, 1842, and it was deducted on the dividends next payable on the Three and a Quarter per Cent. Consols. Now, in consequence of the advance of a quarter made in the payment of dividends on the 5th of October, and as there was no certainty of the ceasing of the Property Tax at any very early period, he wished to know from the right hon. Gentleman whether he intended to exempt the holders of these Consols, on the 5th of July next, from the quarter of a year's Income Tax for which they were in advance.
§ The Chancellor of the Exchequersaid, there would be no reason for exempting the holders of the Three per Cent. Consols from the Income Tax payable on their dividends due at the time alluded to, as during the period of three years they would have paid the tax on six dividends, which was the proper proportion in which they should have paid during that time. In the case of the holders of the Three and a Quarter per Cent. Consols, who had the time of paying their dividends changed from one quarter to another, there would be an evident injustice in obliging them to pay an extra quarter's Income Tax; and a Bill had been accordingly introduced last year for the purpose of giving them credit for the quarter's payment made by them.