HC Deb 14 December 1916 vol 88 cc850-1
109. Mr. CURRIE

asked the Chancellor of the Exchequer whether he will, if necessary, introduce legislation in order to bring to an end all uncertainty as to the liability of Treasury Bill holders, being private investors, to assessment to Income Tax in respect of discount received or to be received by them on the encashment of bills on maturity or otherwise; and whether the Treasury has given instructions that a test case be raised?

Mr. BONAR LAW

In the opinion of the Commissioners of Inland Revenue, profits from the source in question are clearly taxable under the existing law. In these circumstances there is no ground for the adoption of either of the courses suggested by the hon. Member.