HC Deb 12 June 1893 vol 13 cc779-80
MR. BARTLEY (Islington, N.)

I beg to ask the Chancellor of the Exchequer by what authority Income Tax at the rate of 7d. in the £1 is being deducted from dividends for the half-year ending 1st June paid on 1st June?


It is assumed that the question refers to foreign and colonial dividends. The Statutes governing the matter are the Income Tax Acts of 1842 and 1853, the "Act to amend the law relating to the Inland Revenue," 1861, and the "Customs and Inland Revenue Act," 1866.


Was it not distinctly stated in the Customs and Inland Revenue Bill this year that the rate of 7d. was to be charged for the year which commenced on the 6th of April, 1893, and, if that is so, how can the charge of 7d. be made for the previous six months?


If the hon. Member will look at the Statutes which he has referred to be will find that dividends on foreign securities are liable to be taxed when they arrive.