HC Deb 20 May 1930 vol 239 c220W

asked the Financial Secretary to the Treasury whether, in stamping documents for revenue purposes, the Revenue Department makes any record of the contents of such documents, many of which contain valuable considerations, which on maturity, in the absence of such valuable considerations being known to the inspector of taxes for the district in which the beneficiaries reside, it is optional on the part of a beneficiary to enter as income derived in the income returns, with a consequent loss to revenue?


No action of this kind is taken. I may add that in the opinion of the Commissioners of Inland Revenue the value for Income Tax purposes of such information as might be gained by recording the contents of instruments presented for stamping would not justify such a departure. I would remind my hon. Friend that the Income Tax Acts require any person on whom a form is served for the purpose to make a true and correct return of all the sources of his income and of the amount derived from each source.