§ Paragraph (ii) of the proviso to paragraph (b) of Sub-section (3) of Section thirty-nine of the Income Tax Act, 1918 (which Sub-section provides for the exemption from tax of certain income of savings banks), shall have effect as though for the words "where the interest paid or credited to any depositor in the year for which exemption is claimed by the bank exceeds the sum of five pounds," there were substituted the words "where in the year for which exemption is claimed by the bank, the interest paid or credited to any depositor out of the income of its funds, other than interest and dividends arising from investments with the National Debt Commissioners, exceeds the sum of fifteen pounds."—[Mr. Snowden.]
§ Brought up, and read the First time.
§ Mr. SNOWDEN
I beg to move "That the Clause be read a Second time."
This question was raised on the Committee stage of the Bill, and I promised to give the matter consideration. I understand that the Clause meets the case which was raised.
§ Sir JOHN MARRIOTT
On behalf of those who are interested in this matter, which is a matter of some considerable significance, I beg to thank the Chancellor of the Exchequer cordially for what he has done.
§ Clause read a Second time, and added to the Bill.