§ Mr. CASSEL
asked the Chancellor of the Exchequer why it is that public Departments receive dividends from public stocks without paying Income Tax thereon; and, inasmuch as such Departments only receive and expend public moneys, will he consider whether, in order to avoid paying out of one public pocket into another, those Departments should be debarred from receiving the dividends on public stocks as well as from paying the income Tax thereon?
§ Mr. LLOYD GEORGE
Such public Departments as receive dividends free of Income Tax are exempted by Statute. The suggestion in the second part of the question is inaccurate, as the greater part of the holdings is held in trust,e.g., for depositors in Post Office and other savings banks, etc., and cannot be regarded as public moneys.