§ 47. Sir WILLIAM DAVISONasked the Chancellor of the Exchequer whether he is aware that interest paid by a trustee to beneficiaries and calculated day by day is not allowed by the Inland Revenue authorities as deduction from Super-tax assessment; and if he will explain why such allowance is not made?
Mr. SAMUELI am not quite clear as to what my hon. Friend has in mind, but if he will furnish me with the particulars of any case to which he is refer- 984 ring I will cause inquiry to be made and communicate the result to him in due course.
§ Sir W. DAVISONI am much obliged to my hon. Friend. Is he aware that it is the practice that, when trustees pay interest to a beneficiary, they are allowed a deduction in respect of interest paid annually, but not if it is calculated from day to day? It seems to me that if deductions are allowed for annual payments, they should be allowed when the calculations are made from day to day.
Mr. SAMUELIf that be so, the hon. Member has answered his own question, but I do not admit his interpretation of the facts.
§ Sir W. DAVISONThe question which I put down applies for information which I have received from the Income Taxpayers' Society and that it relates to a case where the Inland Revenue authorities have refused to do what I have indicated in my supplementary question.