§ 56. Mr. W. BAKERasked the Financial Secretary to the Treasury whether he is aware that the statutory Regulations provide that no corporation, company, society, association, club, combination, or body of persons, other than a registered friendly society, shall purchase, hold, or have any interest in savings certificates without the formal consent of the Postmaster-General; and that the Treasury has recently decided that such consent shall not be given to any association, club, or other combination of persons unless the objects are strictly charitable or provident; and whether he will reconsider this decision, so that working-class organisations which are not strictly charitable or provident may not be debarred from holding such certificates?
Mr. SAMUELThe answer to the first two parts of the question is in the affirmative. In reply to the last part, having regard to the loss of revenue that 503 would result owing to the exemption of the interest on savings certificates from Income Tax, I am not prepared to amend the Savings Certificates Regulations in the direction desired by the hon. Member.
§ Mr. BAKERWill the hon. Gentleman look into the matter further and see whether in the case of the clubs in question there will be the alleged loss of Income Tax.