HC Deb 30 April 1900 vol 82 cc283-4
MR. COHEN

I beg to ask Mr. Chancellor of the Exchequer whether he is * See page 194 of this Volume. aware that income tax at the rate of 1s. per £ is being deducted from the arrears of interest now being paid by the Crown Agents for the Colonies on the Four per cent. Railway Debentures of the Jamaica Government which matured at various periods before the 24th January last; and whether it is correct that income tax: should be deducted at 1s. per £ in respect of dividends which became due before and during the month of January last, and which, had the dividends been paid at maturity, would have been subject only to an 8d. income tax.

MR. HANBURY

It is understood that payment of the interest in question could not have been claimed or obtained on or before the 5th instant. In these circumstances I am advised that it is correct that income tax should be deducted at 1s. in the £, being the rate chargeable for the year in which the interest actually becomes payable.

MR. COHEN

But the interest became payable before the date named.

* MR. BARTLEY (Islington, N.)

Is it not the fact that this interest has been due for the last three years, and has not been paid, and that therefore it can hardly be said to be payable on 5th April?

MR. HANBURY

The answer has. been put into my hands by the Chancellor of the Exchequer, for whom I have replied. I can add nothing to it.