HC Deb 17 April 1913 vol 51 cc2107-8

asked the right hon. Gentleman if the Inland Revenue, by direction of the Lords and officials of the Treasury subject to his authority, has suggested to the Bank of England to pay coupons payable to bearer for the interest on public funds, otherwise than in full, by making without warrant of law a deduction from each coupon in respect of Income Tax not yet imposed; has he considered the effect upon the credit of the Bank and of this country of paying such coupons otherwise than in full; and have the Law Officers been consulted on the legality of such a diminished payment?


The Inland Revenue has made no suggestion to the Bank of England beyond what was contained in the circular letter of 2nd April to bankers, paying agents, etc., which was laid on the Table of the House. With regard to the second and third parts, the right hon. Gentleman is aware that the general question of the deductions to which he refers is being fully dealt with in the legislative proposals that are at present before the House.