§ 66. Sir J. D. REES
asked the Chancellor of the Exchequer whether no discount is to be allowed to those who pay both instalments of Income Tax upon demand for the first instalment?
§ Mr. McKENNA
A person who pays in advance an instalment of tax which is payable on or before the 1st July would be able, under the Income Tax Acts, to obtain an allowance of discount calculated at the rate of 2½ per cent. per annum for the period from the date of payment to the 1st July. The payment in advance must be made to the Accountant-General at Somerset House, or to the proper collector of Customs and Excise, and the discount must be claimed at the time.