§ 50. Lord APSLEYasked the Chancellor of the Exchequer whether Income and Super-tax are paid upon the income derived from investments held on behalf of political parties or their trustees; and, if so, what is the amount collected from this source annually by the Treasury?
§ Mr. CHURCHILLAny such income is liable to Income Tax at the full standard rate, but I am unable to say what the yield of tax from this source is. As regards Super-tax, I must remind my Noble Friend that the Super-tax is only chargeable on the income of individuals.
§ Lord APSLEYMay I ask whether, if any of the political funds should be held by an individual or by trustees as a personal fund for the individual, he would not be subject to Super-tax?
§ Mr. CHURCHILLI am confident that the law is carried into effect with the utmost strictness, in all cases of Income Tax and Super-tax, by the officials of the Inland Revenue Department, but I cannot speak on any individual case with knowledge, because, as is well known, the Inland Revenue Commissioners are bound by an oath of secrecy and are bound under that oath to carry out the law under the authority of Parliament.