§ Mr. REES
asked the Chancellor of the Exchequer whether, under Section 141 of the Income Tax Act of 1842 and Section 10 of the Revenue Act of 1889, a discount of 2½ per cent. is allowed on all payments made before the 1st January of any given year; and, if so, upon what date the authorities are bound to issue their demand notes; and whether it is permissible to so delay the issue of the demand notes as to render nugatory the discount allowed?
§ Mr. LLOYD-GEORGE
By the enactments referred to, discount at the rate of 2½ per cent. per annum is allowed on payments of Income Tax made before 1st January in the year of assessment, in cases in which a notice or certificate of assessment is produced at the time of payment. The date of issue of demand notes is determined by the date on which the Collector receives from the Local Commissioners the duplicate assessments and warrant; but my hon. Friend may rest assured that the Income Tax Authorities do nothing to discourage early payment of the duty into the Exchequer.