§ 37. Mr. POTTERasked the Chancellor of the Exchequer whether for Income Tax purposes the 3½ per cent. War Loan conversion scheme will be treated as an entirely new issue, or will the holder of 5 per cent. War Loan converting into the 3½ per cent. War Loan be assessed for the year 1933–34 on £5 per cent. interest?
§ 43. Sir PATRICK FORDasked the Financial Secretary to the Treasury whether the new 3½ per cent. War Loan will be treated as a new investment for Income Tax purposes and consequently assessed on the 3½ per cent. and not on the 5 per cent. basis?
§ Major ELLIOTThe first dividend on the new £3 10s. per cent. War Loan will be paid on 1st June, 1933, and holders will be chargeable to Income Tax for the year 1933–34 upon the amount of the dividends receivable by them on 1st June, 1033, and 1st December, 1933, and not by reference to the dividends received in 1932–33 at the rate of 5 per cent. upon their corresponding holdings of 5 per cent. War Loan.