§ 94. Mr. FELLasked the Chancellor of the Exchequer under what Section of what Act of Parliament the Treasury issue instructions to the bankers and agents for foreign loans to deduct Income Tax at a higher rate than authorised by Parliament on payments of interest made after a higher rate has been imposed but for a period chargeable at a lower rate?
§ Mr. McKENNANo instructions have been issued for the deduction of Income Tax at a higher rate than authorised by Parliament. As regards the assessment of Income Tax on foreign and colonial dividends and interest, I may refer my hon. Friend to Sections 88 and 96 of the Income Tax Act, 1842, Section 2 of the Income Tax (Foreign Dividends) Act, 1842, Section 10 of the Income Tax Act, 1853, Section 36 of the Revenue (No. 2) Act, 1861, Section 9 of the Revenue Act, 1866, Section 5 of the Revenue Act, 1868, and Section 26 of the Customs and Inland Revenue Act, 1885.