HC Deb 05 August 1912 vol 41 cc2671-2W

asked the Chancellor of the Exchequer, having regard to the fact that, out of £656,894 of dividends on Guaranteed Two and Three-quarter per Cent. Irish Land Stock payable on 1st July last, £371,359 was exempt from Income Tax, to what public Departments or what persons the sum thus exempt was payable; what amount thereof was payable to each such Department or person; and why, and under what Sections of what Acts, each such amount was exempt from Income Tax?


The dividends, amounting in round figures to £371,000, which were exempted from Income Tax consist of:—

Paid to the Commissioners for the Reduction of National Debt on behalf of the Post Office and other Savings Banks (Exemption (2), Schedule C, 5 and 6 Vict., c. 35) £326,000
Paid to the same Commissioners on stock held on behalf of the Elementary School Teachers' Deferred Annuity Fund (£19,000) and several other funds (Exemption 4, Schedule C) £32,000
Paid to the Secretary of State for India (Exemption 5, Schedule C) £6,000
Paid to various charities (Exemption 3, Schedule C) £5,500
Paid to numerous private individuals who had proved their title to exemption from Income Tax under Section 163 of 5 and 6 Vict., c. 35. or paid in sums not amounting to 50s. and exempt under Section 95 of that Act £ 1,500


asked the Chancellor of the Exchequer if he will state when the new pension scheme for national teachers will come into force; and will teachers who retire and come out on pension on 1st August or afterwards be entitled to the benefits which will accrue from this scheme or, if not, when will they become entitled to its benefits?


I will refer the hon. Member to the answer given by my right hon. Friend the Financial Secretary to the Treasury to the hon. Member for North Monaghan on 25th July.