§ 54. Colonel BURNasked if, in the event of anyone having borrowed money from a bank to invest in the War Loan, it will be arranged that the interest will not be charged with Income Tax or Super-tax, seeing that the borrower has to pay a like amount for the loan to his banker?
§ Mr. BONAR LAWThe Commissioners of Inland Revenue, have publicly announced that any person who has borrowed money from a bank and applied the proceeds in the purchase of inscribed or registered stock of the Five per Cent. War Loan will be allowed, when making a return of the dividends derived from his holding for assessment to Income Tax or Super-tax, to set off against such dividends the interest paid to the bank on the amount so borrowed.