§ 63. Captain BOURNEasked the Chancellor of the Exchequer whether he is aware that His Majesty's inspectors of taxes are demanding from trustees returns for Income Tax purposes of the income arising from trust funds, although under the terms of the trust such income is payable to the beneficiaries of the trust fund; and the authority under which such demands are made?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Arthur Michael Samuel)In common with other taxpayers, trustees are required, under the general provisions of the Income Tax Acts, to make returns for Income Tax purposes of the income from the trust funds for which they are responsible. They are often asked to furnish particulars showing the distribution of trust income, more especially in order to facilitate the grant of proper Income Tax reliefs to the beneficiaries.
§ Mr. A. V. ALEXANDERIn view of the Bill now being promoted by the Treasury, can the Financial Secretary undertake to bring forward an Amendment to Section 32 of the Finance Act?
§ Mr. SAMUELI should like to have notice of that question as I am not certain whether the hon. Member means a Section in the Finance Act of 1921 or of what year if not.