§ Mr. Dunn
asked the Chancellor of the Exchequer why working men's organisations who have invested parts of their funds in "Wings for Victory," not exceeding the statutory limits in War Savings Certificates, have been notified that such investments are contrary to the law and the money so invested has been returned?
§ Sir K. Wood
National Savings Certificates are specially designed to encourage saving on the part of the smaller investor, and for this purpose they carry exceptional concessions, of which the most important is freedom from Income Tax. These concessions make it necessary to limit very strictly both the amount of Savings Certificates which any individual can hold, and the category of investors qualified to purchase them. In practice, therefore, the only corporate bodies permitted to hold Saving Certificates are those which for revenue purposes are regarded as strictly charitable and on that account are exempt from Income Tax. I regret that I am unable to extend the privilege of holding Savings Certificates to such bodies as my hon. Friend suggests, but it is, of course, open to them to support the War Savings Campaign by subscribing to other Government securities on issue.