§ 37. Mr. E. Johnsonasked the Chancellor of the Exchequer what is the procedure for repaying post-war credits to corporations.
§ Mr. SimonI assume that my hon. Friend has in mind post-war credits belonging to someone who has died which have been assigned to a corporation. The corporation can claim repayment of such credits when the original holder would have reached the qualifying age for payment, at present 65 for a man and 60 for a woman. The claims are made in the same way as claims by individuals on forms which may be obtained from Inspectors of Taxes or in any post office.
§ Mr. JohnsonIs my hon. and learned Friend aware that he is not quite right in the assumption he has made about what I was supposing? My Question was based upon the post-war credit amounting to £2,895 shown as outstanding to a building society. Is it possible that some are outstanding to corporations themselves, and is there any intention of ever repaying them? Those concerned do not know how to obtain repayment.
§ Mr. SimonPost-war credits which are held by building societies are not repayable under the present law. As to the implication of my hon. Friend's question, that the law should be changed, I will draw that to the attention of my right hon. Friend.
§ 43. Mr. McKayasked the Chancellor of the Exchequer whether he will consider the advisability of reducing the age at which post-war credits can be paid, and of making the payment apply to all widows of men entitled to post-war credits regardless of the age of the widow.
§ Mr. McKayIs the Financial Secretary aware that when the Government first started repaying these post-war credits they paid them off at the rate of £65 million a year, but that during the last three years they have paid off only at the rate of £57 million a year? Does the hon. and learned Gentleman not consider it time that something was done to try to get the money repaid? Not half of it has been repaid yet.
§ Mr. SimonI certainly undertake to draw the hon. Member's suggestions to the attention of my right hon. Friend.