HC Deb 25 May 1916 vol 82 cc2293-4

With the leave of the House, I desire to state that in Committee of Ways and Means on Monday next I shall move that there shall be charged for the year beginning the 6th day of April, 1916, and for any subsequent year in which Income Tax is charged on the income derived from any stocks, shares, or other securities which the Treasury is willing to purchase in connection with any arrangement for the regulation and maintenance of foreign exchanges, an additional duty of Income Tax at the rate of 2s. in the £, and that no exemption, abatement, or relief under the Income Tax Acts shall be given in respect of such additional duty. I shall propose also that exceptions shall be made in favour of the income from any securities for the time being deposited with the Treasury under any scheme for the regulation or maintenance of foreign exchanges; and, secondly, of the income from any securities belonging to institutions trading in foreign countries which are for the time being required to be held in such countries under any requirements of local law.